LGL CEO Arthur Hood Steps Down
17 Enero 2010 - 6:11PM
Marketwired
The Board of Directors of Lihir Gold Ltd (LGL)(TSX: LGG)(ASX:
LGL)(NASDAQ: LIHR)(LGL) has accepted the resignation of the
company's chief executive Arthur Hood, chairman Ross Garnaut
announced.
Mr Hood will step down immediately and Chief Financial Officer
Phil Baker has been appointed as interim CEO pending a global
search for a new chief executive.
Mr Hood said that after more than four successful years as CEO,
he had achieved his primary goal of overseeing the transformation
of LGL from a single mine operation to a multi-mine company
producing in excess of one million ounces of gold per year.
"LGL is now one of the world's leading gold producers and is
consistently performing very well, with excellent growth options
for the future," he said. "It is therefore the right time for me to
step aside to enable an orderly transition to a new CEO."
Dr Garnaut paid tribute to Mr Hood for his contribution to the
company.
"Arthur has successfully led LGL through a major growth phase
which has seen production increase from around 600,000 ounces per
year in 2005 to more than 1.1 million ounces in 2009, with
diversified operations in Papua New Guinea, Australia and West
Africa. He built a strong management team to take the company
forward into its next phase of growth, and under his stewardship
the group's financial position has been significantly enhanced.
LGL's share price has increased from A$1.63 at the announcement of
Arthur's appointment in September, 2005, to A$3.29 on Friday, and
the company is now ranked among the world's largest gold producers.
On behalf of the Board, I wish Arthur well for the future," he
said.
Mr Hood's termination package includes a cash payment of
A$2.3million and 3.5 million share rights previously awarded. Mr
Hood has four weeks to elect to retain these share rights for their
respective three year terms or to receive shares or cash
equivalents on a pro-rata basis. If he chooses to retain the
rights, the extent to which they will vest will remain subject to
company performance in accordance with the terms of the
shareholder-approved executive share plan.
In addition, Mr Hood will receive a cash payment of A$1.3
million in lieu of share rights that he would have been entitled to
in the current year, had his contract run its full term.
Phil Baker has been CFO at LGL since January 2007, and is
ideally qualified to be acting CEO. The bulk of his career has been
in the mining industry, including 22 years at MIM in a variety of
senior management roles.
Mr Baker will present the company's production report for the
fourth quarter of 2009 on January 22. LGL's production for the full
year of 2009 was another record at 1.12 million ounces, in line
with guidance for the year of 1-1.2 million ounces. Total cash
costs for the year were also in line with guidance provided to the
market (below US$400/ounce excluding Ballarat).
"The company's operational performance has been excellent," said
Mr Baker. "I look forward to providing full details on January 22,"
he said.
Contacts: Lihir Gold Limited Joe Dowling GM Corporate Affairs 07
3318 3308 or 0421 587755 www.LGLGold.com
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