Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Indices  >  Toronto Stock Exchange  >  S&P/TSX Composite index    0000   XC0009695252

S&P/TSX COMPOSITE INDEX

(0000)
Delayed Quote. Delayed Toronto Stock Exchange - 08/19 04:58:30 pm
16304.05 PTS   +0.96%
10:03aTSX opens higher on energy lift, stimulus hopes
RE
08/16TSX rises 0.86 percent to 16,149.79
RE
08/15TSX hits five-month low on global growth concerns
RE
SummaryQuotesChartsNewsHeatmapComponents 
News SummaryAll newsNews of the components of

CEO at Canadian miner Hudbay steps down, industry veteran steps in

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/10/2019 | 12:03pm EDT
FILE PHOTO: Peter Kukielski speaks at the Reuters Global Mining and Steel Summit in New York

(Reuters) - Canada's Hudbay Minerals Inc said on Wednesday that Chief Executive Officer Alan Hair has stepped down after more than 20 years with the company and named Peter Kukielski, who was backed by its second largest investor in a proxy battle, as interim CEO.

As part of its proxy fight, private equity firm Waterton Global Resource Management had nominated five directors to the company's board. Three of them, including Kukielski, were elected in May following a settlement that ended the drawn-out battle.

Much of Waterton's ire surrounded Hudbay's reported talks to buy Chile's Mantos Copper for about $780 million last year and what it described as an erosion of shareholder returns under its management and board.

Bloomberg reported Hudbay's discussions to buy Mantos mine in October, but the company did not confirm the talks.

Although Waterton, which held a 12.09% stake in the company as of May 3, eventually dropped its call for Hair to be replaced by Kukielski, his appointment as interim CEO is a win of sorts for the activist shareholder.

"While Mr. Kukielski has been named as interim CEO and a search for a permanent CEO has been launched, there is the possibility that Mr. Kukielski could ultimately be named permanent CEO," analysts at TD Securities wrote in a note.

"Nothwithstanding Mr. Kukielski's role with Hudbay, an incoming CEO is likely to make changes to the senior team at the company," they added.

Shares of Hudbay have risen nearly 19% during Hair's tenure as CEO, which started in 2016 after a four-year stint as chief operating officer. The S&P/TSX Global Gold index soared 68% in that time.

The company said Hair's departure does not affect its strategic or financial outlook. Hudbay does not have a time frame for naming a permanent CEO, a spokesman told Reuters.

Hudbay shares rose 3.5% to C$6.50 in morning trade in Toronto, compared with a 0.7% gain in the S&P/TSX Global Gold index.

"I think the sudden nature in which he stepped down would come as a surprise ... " National Bank Financial analyst Shane Nagle said.

Kukielski most recently served as CEO of Canadian miner Nevsun Resources, which was bought by China's Zijin Mining Group Co Ltd in a C$1.86 billion deal.

The companies said in May that Hudbay would also seek a successor to Chairman Alan Hibben following its shareholder meeting that month. Hibben will remain on the board until the 2020 shareholder meeting, they said.

(Reporting by Nichola Saminather in Toronto and Debroop Roy in Bengaluru; Editing by Arun Koyyur and Jeffrey Benkoe)

By Nichola Saminather and Debroop Roy

Stocks mentioned in the article
ChangeLast1st jan.
LME COPPER CASH 0.80% 5755.5 End-of-day quote.-1.43%
S&P/TSX COMPOSITE INDEX 0.96% 16304.05 Delayed Quote.11.80%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on S&P/TSX COMPOSITE INDEX
10:03aTSX opens higher on energy lift, stimulus hopes
RE
08/16TSX rises 0.86 percent to 16,149.79
RE
08/15TSX hits five-month low on global growth concerns
RE
08/14TSX drops on global recession worries
RE
08/13TSX turns higher as U.S. plans to delay some tariffs
RE
08/12TSX edges lower on losses in CannTrust shares, recession fears
RE
08/09TSX flat as material losses offset by energy gains
RE
08/08Canadian Stocks Rise, Manulife Financial Up 1.8%
DJ
08/08Energy shares push TSX higher
RE
08/07TSX falls as oil prices slip to seven-month low, trade worries linger
RE
More news
News of the components of S&P/TSX COMPOSITE INDEX
06:55pENBRIDGE : Announces Conversion Results for Series 3 Preferred Shares
AQ
05:31pMAPLE LEAF FOODS : Launches Search for New Chief Financial Officer
PR
05:03pRogers Disappointed by CRTC Decision on Final Broadband Wholesale Rates
GL
04:31pOnex Partners Completes Sale of Jack's Family Restaurants
GL
04:17pBOMBARDIER : Appoints Industry Veteran Jeff Cole as Business Jet Sales Director ..
PU
04:14pALARIS ROYALTY CORP. : Declares August Dividend
AQ
04:02pMORNEAU SHEPELL : appoints Grier Colter as Chief Financial Officer and Executive..
AQ
More news
Chart S&P/TSX COMPOSITE INDEX
Duration : Period :
S&P/TSX Composite index Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends S&P/TSX COMPOSITE INDEX
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Top / Flop S&P/TSX COMPOSITE INDEX
Heatmap :