Ivanhoe Mines CEO Lars-Eric Johansson leaves

  • Push-out Score determined
  • After about 12 years in the position
  • Accolades and praise for Johansson
  • No successor named
  • Johansson said 112 words

(exechange) — Toronto, Ontario, Canada, May 1, 2019 — Lars-Eric Johansson, chief executive and president of Ivanhoe Mines, leaves. As announced by Ivanhoe Mines Ltd. in a news release on Wednesday, May 1, 2019, Lars-Eric Johansson leaves the Canadian mining company after about 12 years in the role, effective June 30, 2019.

It is the end of an era.

Ivanhoe Mines did not name a replacement for the position of Chief Executive Officer.

Lars-Eric Johansson’s move is part of a management shake-up also involving the position of president.

Ivanhoe Mines has appointed Tony S. Giardini as its new president, effective immediately.

“Ivanhoe moves from explorer to operator”

A reason for Lars-Eric Johansson’s departure from the CEO post was not explicitly provided. Tadeu Carneiro, Ivanhoe’s Lead Independent Director, said: “The Board unanimously agrees that Mr. Giardini’s leadership and experience with mine development and his proven ability to deliver operational results, make him the right person to succeed Mr. Johansson as the company’s President as Ivanhoe moves from explorer to operator.”

Precise information regarding Lars-Eric Johansson’s future plans was not immediately available.

“Retire”

Ivanhoe Mines said: “Mr. Johansson, who has served as Ivanhoe’s President and Chief Executive Officer since May 2007, has advised the company’s Board of Directors that he will retire at the end of June 2019. Mr. Johansson will work alongside Mr. Giardini until then to ensure a smooth and seamless transition.”

Share price decline

The announcement follows a decline in Ivanhoe Mines Ltd.’s share price of 38 percent since April 2017.

In the position of CEO since 2007

Lars-Eric Johansson has been the President and Chief Executive Officer of Ivanhoe Mines since May 2007.

He has over 35 years’ experience in the mining industry.

Before joining Ivanhoe Mines, Johansson was Executive Vice President and Chief Financial Officer of Kinross Gold Corporation from June 2004 to April 2006 and prior to that he was Executive Vice President and Chief Financial Officer of Noranda Inc. from May 2002 to November 2003.

He was Senior Vice President and Chief Financial Officer of Falconbridge Limited from September 1989 to May 2002.

Before moving to Falconbridge Limited in September 1989, Johansson was Vice President and Chief Financial Officer of Boliden AB, at the time a subsidiary of Trelleborg AB.

During his career in the mining industry, Johansson has been involved in the financing and development of a number of international mining projects and acquisitions, such as the Collahuasi copper project in Chile and the Antamina copper and zinc project in Peru, as well as the joint acquisition of Falconbridge Limited by Noranda Inc. and Trelleborg AB in 1989.

Since 2006, Johansson has been a director of Canadian Solar Inc. of Suzhou, China, a solar energy company listed on NASDAQ. Johansson also served as the Lead Independent director of Harry Winston Diamond Corporation (previously Aber Diamond Corporation) from June 2003 to June 2008.

He served as a director of each of Golden Star Resources Ltd., from July 2006 to May 2010, Tibron Minerals Ltd., from March 2004 to February 2008, Niocan Inc., from May 2006 to August 2011, and Novicourt Inc., from June 2002 to January 2004, as well as a number of private companies affiliated with Falconbridge and Noranda.

Johansson graduated as a civilekonom from the Gothenburg School of Economics in 1970, specializing in Accounting and Finance.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to Ivanhoe Mines and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 18.2019 ($).