- Push-out Score determined
- After almost 14 years in the position
- Accolades, praise, thanks and words of regret for Jensen
- Search for a successor
- Jensen said 72 words
(exechange) — Denver, Colorado, May 1, 2019 — Tony Jensen, chief executive of Royal Gold, leaves. As announced by Royal Gold Inc. in a news release and in a regulatory filing published on Wednesday, May 1, 2019, Tony Alan Jensen leaves his post as chief executive officer at the precious metals company after almost 14 years in the role, effective by the end of the first calendar quarter of 2020.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange. Only 29 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Royal Gold will undertake a search for a successor.
It is a long goodbye. The announcement of Tony Jensen’s move comes up to 11 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“Family and personal interests”
Tony Jensen’s departure from the CEO post is explained as follows. Royal Gold said: “Mr. Jensen expects to devote the bulk of his retirement time to his family and personal interests including various educational and non-profit organizations.”
Precise information regarding Tony Jensen’s future plans was not immediately available.
Royal Gold said: “Tony Jensen, President and Chief Executive Officer, has advised the Company’s Board of Directors that he plans to retire by the end of the first calendar quarter of 2020.”
Share price increase since January 2016
The announcement follows an increase in Royal Gold, Inc.’s share price of 229 percent since January 2016.
Chaired by William M. Hayes
Royal Gold, Inc. is chaired by William M. Hayes.
William Hayes served in various management positions with Placer Dome Inc. for 18 years where he first worked in senior operational, corporate and finance roles in Chile and Canada.
In the position of CEO since 2006
Jensen has been the President and Chief Executive Officer of Royal Gold, Inc. since August 2003 and since July 1, 2006 respectively.
Jensen has over 30 years of mining industry experience and is President and Chief Executive Officer for Royal Gold, Inc.
Prior to Royal Gold, Jensen was the Mine General Manager of the Cortez Joint Venture and spent 18 years with Placer Dome.
Jensen’s extensive background is anchored in operational experience gained in the United States and Chile where he occupied several senior management positions.
This operational experience is balanced by corporate administrative, finance and business development experience in various roles with Placer Dome and Royal Gold.
Jensen holds a Bachelor of Science degree in Mining Engineering from South Dakota School of Mines and Technology and also holds a Certificate in Finance from Golden Gate University in San Francisco.
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 Royal Gold and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 18.2019 ($).