Dundee Precious Metals Announces CEO Succession Plan
TORONTO, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) announces that, as part of its executive succession planning process,
Rick Howes will be stepping down as President and Chief Executive Officer (“CEO”) at the annual general meeting (“AGM”) of shareholders on May 7, 2020 and will not stand for re-election as
director. David Rae, DPM’s Chief Operating Officer (“COO”) since 2014, has been appointed as a director effective January 1, 2020 and will assume the role of President and CEO on May 7, 2020.
“We would like to thank Rick for his leadership as CEO since 2013 and in other senior operating roles since 2009,” said Jonathan Goodman, Chairman of the Board. “Rick was instrumental in leading the Company through a transformational period in our history, culminating in the recent transition to a mid-tier gold producer. He leaves the Company in solid financial condition, with a promising future. The Board is extremely confident in David’s ability to assume the role of President and CEO, having played an important role in the success of the Company during this same period.”
Rick Howes added, “With the successful ramp-up of Ada Tepe and our multi-year capital investment program demonstrating improved performance at Chelopech and Tsumeb, this is a logical time for me to step down. David has played a critical role in delivering on much of this success and is extremely well suited to take the Company forward by continuing to execute on our strategy of optimising existing assets, building further financial strength, and balancing the return of capital to shareholders with disciplined growth.”
In line with this planned succession, an orderly transition will occur over the next 6 months to assist Mr. Rae in assuming his new responsibilities.
David Rae holds a Bachelor of Science in Physical Metallurgy from Leeds University in Yorkshire, England. Mr. Rae is a seasoned international mining and smelting executive with extensive experience in Africa, Europe and Canada and has held increasingly senior operating and executive roles with international mining companies including Falconbridge and Xstrata. He joined the Company as Senior Vice President, Operations in November 2012 and was appointed Executive Vice President and Chief Operating Officer in May 2014.