Kinross
announces appointment of J. Paul Rollinson
Kinross announced today that its Board of Directors
has appointed J. Paul Rollinson (formerly Executive
Vice-President, Corporate Development) as Chief Executive Officer of Kinross,
replacing Tye W. Burt. Mr. Rollinson
has also replaced Mr. Burt on the Kinross Board of Directors.
John Oliver, Chairman of the Board, said: "On
behalf of the entire Board of Directors, I would like to thank Tye Burt for his significant contributions to Kinross over
the past seven years. Under Mr. Burt's leadership, Kinross became one of the
world's premier gold mining companies."
The Board wishes to acknowledge Mr. Burt's many
corporate achievements, including:
§
a
significant upgrade of the Company's asset portfolio that has seen Kinross
expand its ownership and operations to nine mines and five development
projects, with a more diversified geographical focus on some of the world's
most prospective gold mining districts in the United States, Chile, Russia,
Brazil, West Africa and Ecuador;
§
a
substantial increase in gold resources and gold production, while also
improving the overall grade of such production;
§
a
much stronger balance sheet, with increased cash and cash equivalents and
overall cash flow, enabling Kinross to achieve an investment grade credit
rating and commence payment of a semi-annual dividend; and
§
the hiring of a highly capable senior management team, with a diversity of
international mining and other industry experience.
While the Board recognizes that these achievements
have contributed to the transformation of Kinross, the Board has determined
that in view of current market and industry fundamentals, stakeholder interests
will best be served by an executive management team focusing on the
implementation and oversight of the comprehensive capital and project
optimization process that was announced by the Company on January 16, 2012. The
objective of this process is to improve capital efficiency and investment
returns while optimizing the Company's major projects at Tasiast,
Lobo Marte and Fruta Del
Norte. The Board has also determined that a change in CEO is required to guide
Kinross through this capital and project optimization process.
In addition to Mr. Rollinson,
the Board is delighted to have a strong senior executive team that it can draw
upon to deliver the new leadership that is required.
Mr. Rollinson has
substantial experience in the mining industry based on a lengthy career in
investment banking and his corporate development role at Kinross. He also has
an education highly pertinent to all aspects of the mining industry, with an Honours B.Sc. in geology and an M. Eng. in mining. As an
investment banker, Mr. Rollinson held senior
positions covering the mining, power/utilities, forestry and industrial
sectors.
"Based on his education and related mining and
investment banking industry experience, Paul understands all facets of the
mining industry, including exploration and mining, mining finance and mining
transactions. He is highly regarded and well-known throughout the industry, and
possesses the leadership qualities we need to oversee and implement our
strategy," said Mr. Oliver.
Mr. Rollinson said: "I
am honored to accept the opportunity to lead Kinross. The Company has many
strengths and great assets, including outstanding people at all of its operations,
development projects and corporate offices. I look forward to
working with all of our employees to realize the Company's great
potential."
About Kinross Gold Corporation
Kinross is a Canadian-based gold mining company with
mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia
and the United States, employing approximately 8,000 people worldwide. Kinross
maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).