Eldorado Gold Corp (NYSE:EGO) reported several changes to its Board of Directors. Jonathan Rubenstein will resign from his role of director while Robert Gilmore has elected to resign as Chairman of the Board, both effective from January 1, 2018. Dr. George Albino, an experienced and seasoned economic geologist, has been elected as Independent Chairman.
Building on these changes and other recent retirements, the Board of Directors has been reorganized. The leaving directors’ seats will not be filled, which will result in a more concentrated and leaner Board, comprising eight directors, seven of whom are independent. Eldorado Board has also lowered total and individual director compensation considering peer group considerations. It will be rebuilding its Corporate Governance & Nominating Committee, Audit Committee and Compensation Committee in the imminent weeks and will be assessing its committee mandates as well as board policies, including its Board Tenure Policy, Diversity Policy and policies on the count of other public company directorships.
The other continuing members in Eldorado Board comprise Pamela Gibson, Geoffrey Handley, Michael Price, Steven Reid, John Webster and George Burns. George Albino, the incoming Chairman of the Board, expressed that on behalf of the company and Board, they thank Robby for his contribution as Chairman and expect to having him continue on the Eldorado Board. They also thank Rubenstein for his years of committed service and extensive contributions to company.
George Burns, the CEO and President of Eldorado, expressed that the changes reported recently have led in a less costly and leaner board with new leadership, while confirming continuity and the effective and efficient provision of strategic direction and oversight to management. George Albino boasts a successful and long career both as an industry analyst and in the mining industry. They both expect working along with the other Directors to enhance the value of company’s portfolio of assets.