DENVER--(BUSINESS WIRE)--
Royal Gold, Inc. (NASDAQ:RGLD; TSX:RGL) is announcing several
changes to its Board of Directors, including the retirement of its
Chairman
Stanley Dempsey
, the appointment of Lead Independent Director
William Hayes
as incoming Chairman, and the election of Chris M.T.
Thompson as a new Independent Director.
Royal Gold’s current Chairman and former CEO
Stanley Dempsey
will retire
effective May 30, 2014, after 31 years of leadership on Royal Gold’s
Board of Directors. On that same date, Mr. Dempsey will be succeeded as
Chairman by Mr. Hayes.
“Stan was the driving force behind Royal Gold’s evolution from an oil
and gas company to a gold exploration and production company, and
ultimately to one of the world’s largest royalty and streaming
companies. He was the architect of many of the Company’s original
cornerstone royalty transactions, including the royalty on the Cortez
Pipeline Complex,” commented
Tony Jensen
, President and CEO. “Royal
Gold’s reputation for quality, diligence and professionalism is a direct
reflection of Stan’s stewardship over the years, and we have greatly
benefited from his keen insights and deep relationships within our
business. We will miss his presence on the board, and we wish him the
very best.”
Previously, Mr. Dempsey was the Executive Chairman of the Board. Prior
to serving as Executive Chairman, he was Chairman and CEO of Royal Gold
from 1988 to 2006. Before Royal Gold, Mr. Dempsey was with AMAX, Inc.,
where he held various engineering, legal, operating, and executive
positions including Chairman of AMAX Australia Limited, Vice President
of AMAX, Inc., Senior Vice President of Climax Molybdenum Company, Vice
President of AMAX Exploration, Inc., Director of Environmental Affairs,
and Division Attorney-Western Operations. During the period 1983-1986,
Mr. Dempsey practiced law as a partner of the Washington D.C. firm of
Arnold & Porter. Mr. Dempsey received a B.S. degree in geology and a
J.D. from the University of Colorado, completed the Program for
Management Development at the Harvard Business School, and received an
Honorary Doctor of Engineering degree from the Colorado School of Mines
in May 2006.
On behalf of the Board of Directors,
William Hayes
said, “Few, if any,
executives in the mining industry have attained the level of thought
leadership in our industry that Stan has achieved. He is passionate
about and engaged in all aspects of the minerals business, and has
advanced the state of our industry in areas as diverse as permitting and
social engagement to governance best practices. It has been a privilege
to serve with him on Royal Gold’s board, and we thank him for his
contribution to the Company.”
Mr. Hayes has served on the Royal Gold Board of Directors since 2008. In
addition to his expanded role as Chairman of the Board, he will continue
to serve as Chair of Royal Gold’s Audit and Finance Committee. He is
also the Senior Independent Director of Antofogasta PLC (Audit and Risk
Committee and Remuneration, Talent and Nomination Committees) and
associated companies.
Mr. Hayes previously served in various management positions with Placer
Dome Inc. (“Placer”) for 18 years where he first worked in senior
operational, corporate and finance roles in Chile and Canada. Later he
served as Placer's Executive Vice President for Latin America and the
United States. He is a former President of the Gold Institute
(Washington, D.C.), and former President of the Chilean Mining Council.
Before his tenure with Placer, he worked at Exxon Corporation in various
domestic and international finance positions. Mr. Hayes received B.A.
and M.A. degrees in International Management from the American Graduate
School of International Management and also completed an undergraduate
degree in Political Science from the University of San Francisco.
New Director
The Company is also announcing the election of
Chris M.T. Thompson
to
the Company’s Board of Directors, and appointment to the Company’s Audit
and Finance Committee, effective May 15, 2014. Mr. Thompson is currently
a member of the boards of Jacobs Engineering (Audit Committee), Teck
Resources (Compensation, Executive, Nominating, and Governance and
Reserve Committees), and Golden Star Resources (Nominating and
Compensation Committees). He is also a member of the Colorado School of
Mines Foundation Board of Governors.
Mr. Thompson was the Chairman of Goldfields Limited, a major global gold
producer, from 1998 to 2005, and Chairman and CEO from 1998 to 2002. He
was Chairman of the World Gold Council from 2002 to 2005. From 1992 to
1998 he was the Founder and CEO of Castle Group, which managed three
venture capital funds that employed various structures, including
royalties, to finance the development of new gold mines. Mr. Thompson
has an undergraduate Bachelor’s degree in law and economics from Rhodes
University, South Africa, and a Master’s Degree in Management Studies
from Bradford University in the UK.
“Chris Thompson’s impressive standing in our industry is well-deserved,
as he is known for his achievements in leading growth-oriented mining
companies and successfully navigating the complexities of our business.
We are pleased that Chris will apply his relevant and robust industry
experience to Royal Gold matters, and we look forward to his
contribution to the Board,” stated
Craig Haase
, Chairman of Royal Gold’s
Compensation, Nominating and Governance Committee.
Board Composition
After May 30, 2014, Royal Gold’s Board of Directors will consist of
William Hayes
1,
Chris Thompson
1,
Gordon Bogden
1,
Craig Haase
2,
Ron Vance
2,
Kevin McArthur
2,
and
Tony Jensen
. These Directors bring a combination of transactional
depth, operational capability and CEO-level expertise to Royal Gold’s
governance structure. In addition to Mr. Hayes and Mr. Thompson, Mr.
Bogdon is currently the CEO of Avanti Mining Inc., a Director of Orvana
Minerals Corp. and a Director of NextGen Energy Ltd.; Mr. Haase is a
former Executive Vice President and Chief Legal Officer, and Director of
Franco-Nevada Mining Corporation; Mr. Vance is a former Senior Vice
President, Corporate Development, for Teck Resources Limited and a
former Managing Director/Senior Advisor for Rothschild Inc; Mr. McArthur
is currently the Vice Chair, Chief Executive Officer and Director of
Tahoe Resources, Inc. and a Director of Pembrook Mining Corporation; and
Mr. Jensen is currently CEO of Royal Gold, Inc., and a Director of
Golden Star Resources.
CORPORATE PROFILE
Royal Gold is a precious metals royalty and stream company engaged in
the acquisition and management of precious metal royalties, streams, and
similar production based interests. The Company owns interests on 201
properties on six continents, including interests on 37 producing mines
and 22 development stage projects. Royal Gold is publicly traded on the
NASDAQ Global Select Market under the symbol “RGLD,” and on the Toronto
Stock Exchange under the symbol “RGL.” The Company’s website is located
at www.royalgold.com.
1 Member of the Audit and Finance Committee
2
Member of the Compensation, Nominating and Governance Committee
Source: Royal Gold, Inc.