Goldcorp Inc. GG recently declared that its President and CEO, Chuck Jeannes will retire from his roles in Apr 2016 after the company’s Annual General Meeting. He will be replaced by David A. Garofalo − current President and CEO of HudBay Minerals Inc. – who will join Goldcorp’s board of directors.
Jeannes has led Goldcorp since Jan 2007 and worked with Goldcorp and its predecessor company, Glamis Gold Ltd. for almost 17 years. He also earned recognition through various prestigious awards and was recently honored as Canada's Most Admired CEO by Waterstone Human Capital and MacKay CEO Forums.
Goldcorp’s board also congratulated Garofalo on his appointment and stated that it looks forward to working with him in the future. Garofalo has an experience of 25 years, having served in various capacities in the natural resources sector. He was recognized as Canada's Chief Financial Officer (“CFO”) of the Year by Financial Executives International Canada in 2009. Prior to HudBay, Garofalo worked as Senior Vice President, Finance and CFO with Agnico-Eagle Mines Limited from 1998–2010.
Goldcorp reported a net loss of $192 million or 23 cents per share in the third quarter of 2015 compared with a net loss of $44 million or 5 cents per share a year ago. Gold sales increased around 47% year over year to 942,600 ounces in the reported quarter, while production surged 42% to 922,200 ounces.
Goldcorp, which is among the top gold producers, along with Barrick Gold ABX, Newmont NEM and Kinross Gold KGC, posted revenues of $1,098 million in the third quarter, up around 31% year over year. The company reaffirmed its production guidance for 2015, anticipating it to be at the high end of the 3.3–3.6 million gold ounces range. All-in sustaining costs are expected to be between $850 and $900 per gold ounce; $500 and $550 per ounce on a by-product basis; and $625–$675 per ounce on a co-product basis.
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