Mining News

Two of McEwen Mining top execs step down

Canada’s McEwen Mining (TSX, NYSE: MUX) surprised markets on Friday by announcing that two of its top suite executives were leaving the company for personal reasons.

Chief financial officer Anna Ladd-Kruger will retire to focus on her health and family, the company said. She will depart after reporting is complete and an “orderly transition” is in place.

Perry Y. Ing, former MacEwen CFO who had the same role at Kirkland Lake Gold and Mountain Province Diamonds, will assume the post on an interim basis.

Chief operating officer Peter Mah is also stepping down for personal reasons effective June 3, McEwen said without providing details. His responsibility will be assumed on an interim basis by William (Bill) Shaver, currently company’s director.

The Toronto-based miner said that transition plans and a search for candidates for both roles were underway.

“The focus of the company going forward is on stabilizing its operations after a challenging period, divesting certain assets, and advancing our most significant value driver, the giant Los Azules copper project,” McEwen.

Shares in the company dropped on the news, trading last 2.4% lower in Toronto to C$0.82 and 2% down in New York to $0.63.

Frequent leadership changes in a company can sometimes be a sign of instability or poor management, analysts say. Unexplained C-suite departures are even more concerning to investors, because of potential liabilities or scandals that could affect the stock price and the direction of the company.

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