- After about 21 years in the position
- Praise and thanks for Baker
- Cassie Boggs taking over temporarily
- Search for a successor
(exechange) — Coeur D’Alene, Idaho, May 23, 2024 — Phil Baker, chief executive of Hecla, leaves his position. As announced by Hecla Mining Co. in a news release and in a regulatory filing published on Thursday, May 23, 2024, Phillips S. (Phil) Baker has left his post as chief executive officer at the silver producer, after about 21 years in the role, effective May 22, 2024.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Hecla will undertake a search for a successor.
Phil Baker’s duties as CEO will be taken over temporarily by Catherine J. (Cassie) Boggs, previously Chair of the Board at Hecla Mining Co., as Interim Chief Executive Officer.
No reason given
In the announcement, Hecla did not explicitly explain the reason for the move.
Precise information regarding Phil Baker’s future plans was not immediately available.
“Retiring”
Hecla said: “Ms. Boggs succeeds Phillips S. Baker Jr., who, after nearly 23 years of service, is retiring from the Company and stepping down from its Board.”
Hecla further said: “On May 22, 2024, Phillips S. Baker, Jr., the President and Chief Executive Officer and a director of Hecla Mining Company …, informed the Company that he retired from his officer position and resigned his director position effective immediately.”
“Did not state any disagreement”
Hecla stated, regarding the change: “Mr. Baker’s Retirement Notice did not state any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.”
Share price decline since May 2021
The announcement follows a decline in Hecla Mining Co.’s share price of 7% since May 2021.
In the position of CEO since 2003
Phil Baker became CEO of the Company in 2003.
Baker has been the Company’s CEO since May 2003 and has served as the Company’s President and as a member of the Board of Directors since November 2001.
He was elected the Chair of The Silver Institute in August 2023.
Baker served as Chair of the Board for the National Mining Association from 2017 to 2020 and has been a Board member since September 2010.
He served as a Director of QEP Resources, Inc. from May 2010 to March 2021.
No statement by Phil Baker
In the release announcing his departure as CEO of Hecla Mining Co., Phil Baker received praise and thanks.
The announcement of his departure as CEO does not include a statement by Phil Baker.
The above text is an excerpt from the exechange report 22.2024 ($), publication date May 27, 2024.