- Push-out Score suggests push-out forces
- After about three and a half years in the position
- Praise and thanks for Tygesen
- Search for a successor
(exechange) — Vancouver, British Columbia, Canada, May 29, 2018 — Jeff Tygesen, chief executive of Turquoise Hill, leaves. It is a change at short notice. As announced by Turquoise Hill Resources Ltd. in a news release on Tuesday, May 29, 2018, Jeffery D. (Jeff) Tygesen leaves his post as Chief Executive Officer at the Canadian mining company after about three and a half years in his role, effective July 1, 2018.
Tygesen’s move comes 17 months after Peter Gillin took over as Chairman of Turquoise Hill Resources Ltd.
Turquoise Hill will undertake a search for a successor.
No reason given
In the announcement, Turquoise Hill did not explicitly explain the reason for Tygesen’s imminent move, leaving room for speculation.
Precise information about Tygesen’s future plans was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post at short notice and without comprehensible reasons being given.
Turquoise Hill said: “Turquoise Hill Resources today announced the retirement of the Company’s Chief Executive Officer Jeff Tygesen effective July 1, 2018.”
Share price decline
The change follows a decline in the share price of Turquoise Hill Resources Ltd. since June 2015.
Chaired by Peter Gillin
Turquoise Hill Resources Ltd. is chaired by Peter Gillin.
Gillin was appointed Chairman of the Turquoise Hill Resources board in January, 2017, and originally named to the Turquoise Hill board in May, 2012.
In the position of CEO since 2014
Jeff Tygesen was appointed Chief Executive Officer of Turquoise Hill Resources on December 1, 2014.
He has been a Turquoise Hill director since August, 2012.
Previously Tygesen spent more than 30 years with Rio Tinto in operational roles across multiple product groups as well as technology and innovation and strategic planning.
Most recently, he was Vice-President, Copper Development at Rio Tinto Copper Group and was responsible for overseeing Rio Tinto’s joint venture interests at its Chilean and Indonesian copper operations.
Tygesen’s previous positions included Mining Executive, Rio Tinto Copper Group; Regional General Manager, Rio Tinto Technology and Innovation; Manager, Long Term and Strategic Planning, Rio Tinto Energy America Coal; and Manager of Mine Development, Diavik Diamond Mines.
Tygesen holds a Bachelor of Science degree (Mining Engineering) and a Master of Science degree (Mining Engineering), both from the University of Utah.
He is a member of the Society of Mining Engineering and the Institute of Corporate Directors.
As a general rule, when a top leader announces to step down with no successor in place, it’s a sign that the move was unplanned and too early.
Generally speaking, potential causes for an unexpected management change may be, among others, disagreement or dispute.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jeff Tygesen’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 23.2018 ($).