Iamgold Corp, a Toronto-based mid-tier gold mining company, has agreed with RCF Management, a US private equity firm, to appoint three independent directors to its board. The company also agreed to appoint one of the three, Maryse Bélanger, as board chair. RCF earlier said the board changes were necessary for Iamgold’s turnaround strategy.
Toronto, Ontario–(Newsfile Corp. – February 14, 2022) – IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the “Company”) and Resource Capital Fund VII L.P. (“RCF VII”), a fund managed by RCF Management L.L.C. (“RCFM” and together with RCF VII, “RCF”) today announced a collaboration agreement (the “Agreement”).
Pursuant to the Agreement, Maryse Bélanger, David Smith and Ian Ashby have been appointed to the Board of Directors of IAMGOLD (the “Board”) as independent directors, and Ms. Bélanger has been appointed Chair, effective immediately.
Richard Hall has stepped down from the Board, effective immediately and Ronald Gagel will resign from the Board following the announcement of the Company’s 2021 year-end results. Tim Snider has advised that he will not stand for re-election at the Company’s 2022 annual shareholders’ meeting. A committee of the Board comprised of the current Nominating and Corporate Governance Committee of the Company and the three new appointees to the Board will recommend one additional director to replace Mr. Gagel taking into consideration an optimal mix of skills and expertise and as part of a continuing renewal process. Following the 2022 annual shareholders’ meeting, the refreshed Board will consist of no more than eight independent directors, plus one executive director, once the permanent CEO is appointed.
In addition, one of the new directors will be appointed to each standing committee of the Board. Mr. Smith will become Chair of the Audit Committee upon Mr. Gagel’s departure. The CEO Search Committee will consist of Maryse Bélanger, David Smith and Kevin O’Kane. This committee will oversee the search process already commenced earlier in January to identify qualified candidates to assume the role of permanent CEO.
Full details of the settlement are included in the Agreement, which will be filed with the applicable Canadian securities regulatory authorities and made available on SEDAR at www.sedar.com.