- Signs for push-out forces
- After almost 18 years on the job
- Laud, praise, thanks and good wishes for Wright
- George Burns taking over
- Wright will remain as Chairman at Eldorado
(management-change.com) — Vancouver, British Columbia, Canada, December 16, 2016 — Paul Wright, chief executive of Eldorado, leaves the position. As announced by Eldorado Gold Corporation in a news release on Friday, December 16, 2016, Paul N. Wright leaves the post as Chief Executive Officer at the gold mining company after almost 18 years on the job, effective following the Company’s 2017 Annual General Meeting in April 2017.
It is the end of an era.
Wright’s duties are taken over by George R. Burns, currently Chief Operating Officer at Goldcorp Inc.
The fact that Wright’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Eldorado did not explicitly explain the reason for Wright’s move, leaving room for speculation.
Eldorado said: “Paul Wright will retire from his position of President and Chief Executive Officer following the Company’s 2017 Annual General Meeting in April 2017.”
Wright will remain as Chairman at Eldorado
Wright will continue as a member of Eldorado’s Board of Directors, moving to the Chairman position.
Share price decline
The change follows a decline in the share price of Eldorado Gold Corporation since July 2016.
Chaired by Robert Gilmore
Eldorado Gold Corporation is chaired by Robert Gilmore.
Gilmore was appointed Chairman of the board in December 2009.
Gilmore will continue to serve on the board, moving to the position of Vice-Chairman and Independent Lead Director.
On the job as CEO since 1999
Paul Wright joined Eldorado in July 1996 and held the positions of Vice President, Mining and Senior Vice President, Operations before taking over the role of President and Chief Executive Officer in October 1999.
A graduate of the University of Newcastle upon Tyne, he has over 30 years of experience in developing and operating open pit and underground gold mines.
Prior to joining Eldorado, he worked with Placer Dome, the Redpath Group and Granges.
Wright is a member of the Canadian Institute of Mining, Metallurgy and Petroleum, the Institute of Materials, Minerals and Mining of London and is a Chartered Engineer (UK).
Signs for push-out forces
It is not completely certain what forces eventually triggered Paul N. Wright’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 47.2016 ($).