Capricorn Metals shares slide as CEO steps down and gold price drops
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More news: Shares in Capricorn Metals slumped 4.2% to $6.58 in early trading as it announced that its chief executive Kim Massey will retire in January, and will be replaced by current chief operating officer Paul Criddle.
At the same time, spot gold was down 0.03%, clawing back earlier losses as gold came under pressure due to a strengthening US dollar and climbing US Treasury yields ahead of the US Federal Reserve's last monetary policy decision for the year on Thursday (Australian time), Reuter's reported.
Capricorn Metals CEO Kim Massey to retire in January
The news: Capricorn Metals chief executive Kim Massey will retire in January 2025 after five years in charge of the ASX-listed gold miner.
The context: Massey, who will remain a part-time consultant to the company beyond his retirement, will be replaced by Capricorn's current chief operating officer Paul Criddle.
Criddle joined Capricorn in May, after serving as chief development officer and COO of Toronto-listed gold miner Roxgold from 2013 until its takeover by Fortuna Silver Mines in 2021. He will begin his term as CEO on 3 February, reporting to Capricorn's executive chair Mark Clark.
The miner's current general manager of operations, Tony Hinkley, has subsequently been promoted to the role of COO. The latest succession plans will also see Capricorn's chief financial officer William Nguyen take on the role of company secretary.
What they said: "The growth of Capricorn to a high-quality, low-cost gold producer with an enviable growth outlook whilst delivering exceptional shareholder returns is a great credit to Kim's tenure as CEO," said Clark.
"... Since joining Capricorn in May this year Paul has a made a strong contribution to both the operations and corporate areas of the business and most pleasingly his leadership has been a fantastic cultural fit for the company."
The sources: ASX announcement, Reuters
