Yamana Gold reduces board of directors to nine
The company said, "The streamlined organizational structure will facilitate improved communication and information sharing between sites and head office and reflects the smaller asset portfolio resulting from the sale of Chapada. Consistent with these changes, and to better reflect a new size and scale, the Company also announced today a reduction in the size of its Board of Directors the result of which is that the Board will now be reduced to nine with eight independent directors. This is part of a broader strategy intended to ensure the Company has the proper skills and diversity as well as effectiveness in management and director oversight. In order to facilitate this strategy, two of the directors of the Company, Messrs Nigel Lees and Robert Gallagher, have agreed to step down from the Board. While Mr. Lees has been a long-serving member of the Board, he had reached retirement age and chose to make way for a new generation of directors. As for Mr. Gallagher, he has been instrumental in the recent efforts of the Company to pursue operational excellence, which have now been fulfilled. Both Messrs Lees and Gallagher felt the oversight of the Company was now well in hand and volunteered to step down from the Board to facilitate the strategy that smaller and more streamlined is better. For a transition period of time, Mr. Gallagher has indicated that he will continue to be available to the Company for any advice or support it may need. The Company would like to extend its deep gratitude and appreciation to Messrs Lees and Gallagher for their significant contribution to Yamana... In addition, as a result of these immediate changes, the Company now maintains an unparalleled gender diversity mix with 50% female directors among its independent directors."