Canada-based precious metals miner Eldorado Gold (NYSE: EGO) has recruited locally, and within its own industry, for its new leader. The company announced that George Burns, executive vice president and COO of fellow Vancouver-headquartered miner Goldcorp (NYSE: GG), is to be its next president and CEO. Burns replaces Paul Wright, who Eldorado Gold announced is retiring. Burns will officially take up the posts following his new company’s annual meeting in April.
Burns has served in his present positions at Goldcorp since 2012, and occupied several managerial posts at the company before that, including senior vice president of Mexican operations. Eldorado said he has been in the minerals industry for over 30 years.
He will fill a pair of large shoes. Wright has been with Eldorado since 1996, and was named president and CEO of the company in 1999.
Burns is inheriting a company that is facing a down cycle in its signature product. After rising from the beginning of the year well into summer, the price of gold is currently on a downward trajectory. All told, however, it’s still up by nearly 10% so far on the year. By contrast, Eldorado Gold’s stock price has fallen by 6% across that same stretch of time. This compares unfavorably to that of Goldcorp, which is 8% higher than it was at the start of the year.
Goldcorp has already named Burns’ successor as executive vice president and COO. This will be Todd White, who at the moment is its senior vice president, technical services and business excellence. He will formally take up both jobs on Jan. 1.
10 stocks we like better than Eldorado Gold
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now… and Eldorado Gold wasn’t one of them! That’s right — they think these 10 stocks are even better buys.
Click here to learn about these picks!
*Stock Advisor returns as of Nov. 7, 2016
Eric Volkman has no position in any stocks mentioned.
{loadposition user99}