Kinross Gold Corp. (TSX:K) announced that J. Paul Rollinson has replaced Tye W. Burt as CEO and on Kinross’ board of directors.
As quoted in the press release:
While the Board recognizes that [Burt's] 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.