SolGold's Nick Mather will retire as CEO
Gold and copper miner SolGold on Tuesday announced that Nick Mather would step down as CEO, after 13 years at the helm of the Ecuador-focused company.
His resignation comes a month after Mather was handed a strong rebuke at the company’s annual meeting, when nearly half (44.7%) of shareholders voted against his reappointment to the board.
Shareholder Cornerstone Capital Resources previously called for a complete overhaul of the miner’s board.
SolGold said on Tuesday that it would immediately start a global executive search programme to find Mather’s successor, who should have experience in exploration, the construction of large copper/gold porphyry mines in South America, development financing and executive corporate management.
Mather will step down on March 31, after which independent nonexecutive director Keith Marshall will act as interim CEO.
Mather will remain on the board as nonexecutive director.
“Nick Mather has made an incredible contribution to the success and growth of SolGold, having taken the company from a market capitalization of $40-million in 2006 to over $1-billion. The strategy of regional exploration designed by Nick and his exploration team will continue to be pursued and has the potential to deliver a string of major projects for SolGold, its shareholders and Ecuador,” said chairperson Liam Twigger.