Eldorado Gold Corp. (EGO, Financial) and Goldcorp Inc.(GG, Financial) announced changes in their top management today.
George Burns, executive vice president and chief operating officer at Goldcorp, will depart the company to join Eldorado Gold Corp. as president and chief executive officer.
At Eldorado Gold Corp., George Burns will replace Paul Wright, who will become the chairman of the company. Burns was appointed as COO at Goldcorp in 2012. He started to work for Goldcorp in 2007 and has many years of experience in the mining industry.
Before becoming the president and CEO of Eldorado, Wright held numerous top managerial roles. He began working for Eldorado in 1996.
The present chairman of Eldorado will be the new vice chairman and independent lead director for the company.
At Goldcorp, the role of executive vice president and COO will be occupied by Todd White, the present company’s senior vice president of technical services and business excellence.
White has many years of experience in the gold mining industry as a top manager. Since joining the company, he has "focused on driving a culture of continuous performance improvement and implemented advancements in efficiency and sustainability through technical innovation," according to Goldcorp’s NR.
Before he started to work for Goldcorp in 2014, he worked at Newmont Mining Corp. (NEM, Financial) as senior vice president for the operations the miner undertakes in South America.
The change in management of Goldcorp will be effective Jan.1. Eldorado's management change will be in April.
Eldorado Gold is trading at $2.83 per share, up 11 cents (or 3.86%) from the previous close and has lost 10% year to date.
Goldcorp is trading at $12.53 per share, up 34 cents (or 2.79%) from the previous closed. It has gained 3% year to date.
Goldcorp and Eldorado have average target prices of $19.31 and $4.96.
During the third quarter, First Eagle Investment (Trades, Portfolio) and David Dreman (Trades, Portfolio) reduced their positions in Goldcorp by 15.44% and 6.01%, whereas Mario Gabelli (Trades, Portfolio) increased his position by 0.06%.
Gabelli also increased his position in Eldorado by 11.81%.
Joel Greenblatt (Trades, Portfolio) and Charles Brandes (Trades, Portfolio) opened positions in Eldorado. Greenblatt bought 926,863 shares and Brandes bought 30,000 shares.
Disclosure: I have no positions in any stock mentioned in this article.
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