NYSE- and TSX-listed McEwen Mining announced on Wednesday that Chris Stewart had left his position as president and COO, two days after the company reported its fourth-quarter and year-end results for 2019.
The company has failed to deliver on its operational forecasts in 2019 and executive chairperson and chief owner, Rob McEwen, earlier this week apologised to the investment community for not having delivered.
“For our shareholders past and present, our management, and myself, last year was a terrible year. We all know our share price fell out of the sky and I want to start this call with a very sincere apology to everyone. We gave you guidance throughout the year for our operational performance and we failed miserably. We did not deliver. By the end of the year, it was impossible to believe any forecast we provided for operations,” McEwen said in a conference call.
A successor has not been named for Stewart, whose responsibilities would be assigned to other members of the management team.
During 2019, McEwen’s consolidated production was 174 420 gold equivalent ounces (GEOs), which compared with 175 640 GEOs in 2018.