Precious metals miner Pan American Silver on Wednesday announced that founder Ross Beaty would retire as chairperson and director in May, after 27 years in the seat.

Beaty founded Pan American Silver in 1994 and has served as chairperson since then. He also was CEO of the company from its inception until 2004.

During the last 27 years, the company has grown from a startup to the world's second largest primary silver producer with the world's largest silver reserves and resources, while also becoming a significant gold producer.

Pan American Silver owns and operates silver and gold mines in Mexico, Peru, Canada, Argentina and Bolivia. It also owns the Escobal mine, in Guatemala, that is currently not operating.

"I am so proud and grateful to have worked with our wonderful and dedicated team in building this great company. I would also like to thank our shareholders, who have supported my vision of creating a world-class silver mining company. Pan American Silver has never been in a better financial and operating condition, with many prospects for growth.

“I have full confidence in the company's leadership team and its employees to continue creating value for all stakeholders well into the future,” Beaty commented in a statement.

Gillian Winckler has been nominated to replace Beaty as chairperson.

On her appointment, Beaty said: "Managed succession is part of good governance, and I'm very pleased Gill has agreed to take on the role of chair. She is a highly experienced mining professional with a strong background in environmental, social and governance matters."

Winckler joined Pan American Silver's board of directors in May 2016 and has served on, or chaired, most of its committees since then. She is a former mining and business executive with over 25 years of diversified experience in the metals and mining industry and the financial sector.

The board intends to name Beaty as chair emeritus, effective May 12.