Canada-focused New Gold eliminated five senior management positions in a reorganisation aimed at better aligning its corporate structure with a smaller asset base, following the divestment of the Mesquite and Peak mines earlier this year.
The restructuring eliminated the positions of VP, treasurer and technology, held by Martin Wallace; VP, planning and advisory, held by Kashif Farooq; VP projects, held by Peter Woodhouse; VP, reporting and tax, held by Rajesh Deora, and VP exploration, which Mark Peterson occupied.
The company, which now focuses on the Rainy River and New Afton mines, in Canada, said it would appoint a VP for technical services in the near future, to focus on creating organic growth opportunities and on providing technical and operational oversight.
“It was a difficult, but necessary decision to readjust the size of the corporate team to reflect our new reality," stated president and CEO Renaud Adams.
"On behalf of management and the board of directors, I want to acknowledge the significant contributions of each of these talented individuals, and we wish them all the best with their future endeavours."
In October, Cory Atiyeh departed as executive VP for operations.