Teck goes on headhunting spree with investors seeking change
Teck Resources is shaking up its top executive ranks after coming under fire from investors seeking change at Canada’s largest diversified miner.
Harry “Red” Conger, a veteran miner who stepped down from Freeport-McMoRan this month, becomes Teck’s COO effective September 1, the Vancouver-based company said in a statement.
Teck also named Jonathan Price, an executive from BHP Group, as CFO, effective October 1, to succeed Ron Millos, and appointed Rothschild & Co.’s Nicholas Hooper as senior vice president of corporate development, according to the statement.
The changes are being made after CEO Don Lindsay was severely criticised by investors who had called for his ouster. In May, Impala Asset Management revealed it had sent a letter to Teck’s board in February, criticising Lindsay. And an Australian hedge fund, Tribeca Investment Partners, had called for Lindsay’s replacement and said the company should divest energy and coal assets.
Teck’s shares have struggled this year, dropping 26% in Toronto trading, compared with a 13% gain in the 107-company Bloomberg World Mining Index.
“These changes will further strengthen our senior management team as we continue to advance our key priorities to generate long-term value for shareholders,” Lindsay said in Wednesday’s statement.
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