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Another Major Gold Mining CEO Replaced
Kinross has appointed J. Paul Rollinson CEO, replacing Tye W. Burt. Formerly an executive vice president of corporate development, Rollinson has also replaced Burt on the Kinross board of directors. Over the past seven years under Burt’s leadership, Kinross became one of the world’s premier gold mining companies. The company’s asset portfolio grew to nine mines and five development projects, with a more diversified geographical focus.
Despite these and other achievements, the Kinross board of directors believes, “stakeholder interests will best be served by an executive management team focusing on the implementation and oversight of the comprehensive capital and project optimization process” that was announced in January. The board determined that a leadership change was required to guide Kinross through this capital and project optimization process.
This move follows closely on a similar move with Aaron Regent, former CEO for Barrick Gold. Project revaluations and cost creep have placed a spotlight on management effectiveness. Several major gold producers have projects hindered by operational difficulties and increasing costs.