Asanko CFO Greg McCunn leaves abruptly

  • Signs for push-out forces
  • After almost six years on the job
  • Laud, praise, thanks and good wishes for McCunn
  • Fausto Di Trapani taking over

(management-change.com) — Vancouver, British Columbia, Canada, January 11, 2017 — Greg McCunn, finance chief of Asanko, leaves. It is an abrupt change. As announced by Asanko Gold Inc. in a news release on Wednesday, January 11, 2017, Gregory (Greg) McCunn leaves the post as Chief Financial Officer at the exploration and development-stage company in a surprising move after almost six years on the job, effective immediately.

McCunn’s duties are taken over by Fausto Di Trapani, most recently Executive: Finance at Asanko Gold Inc.

“Other business opportunities”

The sudden management change is explained as follows. Asanko said: McCunn “has decided to pursue other business opportunities.”

The phrase “has decided to pursue other business opportunities” is often used in corporate announcements and opens the door to speculation.

Alarm signal

Generally speaking, it is often a danger signal for investors when a CFO leaves the position abruptly and without a reasonable explanation.

“Resignation”

Asanko said: “Asanko Gold Inc. … announces the appointment of Fausto Di Trapani as Chief Financial Officer, effective immediately, following the resignation of Greg McCunn.”

Precise information about the future plans of McCunn was not immediately available.

Van Eck holds 19.02 percent stake

Van Eck Associates Corporation reported a 19.02 percent stake in Asanko Gold Inc. as of September 30, 2016. Van Eck is an investment advisory firm located in New York.

Chaired by Colin Steyn

Asanko Gold Inc. is chaired by Colin Steyn.

Steyn has over 30 years’ experience in the resources sector with particular expertise in developing mines in Southern Africa.

CEO: Peter Breese

Peter Breese has been the President and Chief Executive Officer of Asanko Gold Inc. since October 15, 2012.

On the job as CFO since 2011

McCunn has been Chief Financial Officer of Asanko Gold Inc. (also known as Keegan Resources Inc) since April 4, 2011.

McCunn has over 20 years of experience in the mining industry.

His background includes technical, operational, corporate development and financial roles with Teck, Placer Dome and several junior mining companies in Canada and Australia.

Most recently he was CFO of Farallon Mining, during which time the company constructed and commissioned the G-9 mine in Mexico and was subsequently acquired by Nyrstar.

McCunn holds a Master’s degree in Business Administration as well as a Bachelor of Applied Science in Metallurgical Engineering.

McCunn will be available in an advisory capacity as required to support a seamless transition as part of a long term succession plan.

Signs for push-out forces

It is not completely certain what forces eventually triggered Greg McCunn’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 03.2017 ($).