- Push-out Score determined
- After almost 11 years in the position
- Dale Andres taking over
(exechange) — Denver, Colorado, April 7, 2022 — Stephen Orr, chief executive of Gatos Silver, leaves. As announced by Gatos Silver Inc. in a news release and in a regulatory filing published on Thursday, April 7, 2022, Stephen Orr leaves his post as chief executive officer at the silver company, after almost 11 years in the role, effective immediately.
Stephen Orr’s duties as CEO will be taken over by Dale Andres, most recently President at Gatos Silver Inc.
Stephen Orr’s move coincides with a management shake-up also involving the positions of Chief Financial Officer; and Vice President of Exploration and Chief Geologist.
No reason given
In the announcement, Gatos Silver did not explicitly explain the reason for the move.
Precise information regarding Stephen Orr’s future plans was not immediately available.
Gatos Silver said: “Mr. Andres succeeds Stephen Orr, who has retired from his roles as CEO and as a member of the Company’s Board.”
Gatos Silver further said: “On April 5, 2022, Stephen Orr informed the Company and its board of directors that he intends to retire from serving as the Company’s Chief Executive Officer and as a member of the Company’s board of directors, effective April 7, 2022.”
“Did not occur because of a disagreement”
“Mr. Orr’s retirement did not occur because of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” Gatos Silver said.
Share price decline since April 2021
The announcement follows a decline in Gatos Silver Inc.’s share price of 58% since April 2021.
In the position of CEO since 2011
Stephen Orr became CEO of the Company in 2011.
Stephen Orr has served as the Company’s Chief Executive Officer since June 2011 and has served on the Company’s Board since May 2011, including as the Company’s Executive Chairman from May 2011 to January 2020.
Orr has more than 40 years of experience in the mining industry, including international commercial experience at both executive and operational levels.
Previously, Orr served as president, director and chief executive officer at Ventana Gold Corp., a Vancouver-based mineral exploration and development company, as director and chief executive officer at OceanaGold, where under his leadership OceanaGold built and commissioned two new mines in New Zealand, as vice president of North American operations and then managing director of Australia and Africa operations at Barrick Gold Corporation and as president and chief executive officer at Homestake Canada Inc.
Orr holds a B.S. in Mining Engineering from the University of Arizona and an M.B.A. from St. Mary’s College, California.
Orr is a resident of Dallas, Texas.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Stephen Orr’s move on a scale of 0 to 10.
exechange reached out to Gatos Silver and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 15.2022 ($).