Gold minder Iamgold makes board changes in deal with RCF Management

TORONTO — Iamgold has reached a deal with an investor seeking changes at the gold miner with the appointment of a new three new directors and a new chair.

Under the agreement with RCF Management, Maryse Bélanger, David Smith and Ian Ashby have been appointed to the board of directors as independent directors. Bélanger, former president, chief operating office and director of Atlantic Gold Corp., has also been appointed chair, replacing interim chair Kevin O’Kane effective immediately.

RCF Management, which holds a 5.2 per cent stake in Iamgold, has called for changes at the company which has operations in North America, South America and West Africa. It has said that it does not believe that interim chief executive Daniella Dimitrov is qualified to lead a turnaround at the company.

Iamgold said Richard Hall has stepped down from the board, effective immediately and Ronald Gagel will resign from the board following the announcement of the company’s 2021 year-end results. Tim Snider will not stand for re-election at the company’s 2022 annual meeting.

A committee including the current nominating and corporate governance committee and the three new appointees to the board will recommend one additional director to replace Gagel.

The company says that following its 2022 annual meeting its board will include no more than eight independent directors, plus one executive director, once a permanent CEO is appointed.

This report by The Canadian Press was first published Feb. 14, 2022.

Companies in this story: (TSX:IAG)

The Canadian Press