Eldorado Gold Announces Update on its Board of Directors
VANCOUVER, Dec. 27, 2017 /CNW/ - Eldorado Gold Corporation ("Eldorado" or the "Company") today announced a number of changes to its Board of Directors. Mr. Jonathan Rubenstein has elected to resign as a director and Mr. Robert Gilmore has stepped down as Chairman of the Board, though will continue as a Director, both effective as of January 1, 2018. Dr. George Albino, a seasoned and experienced economic geologist, has been appointed as Independent Chairman.
Building on these and other recent retirements of the Board, the Board of Directors has reorganized. The departing directors will not be replaced, which will make for a leaner and more concentrated Board, comprising 8 directors, 7 of whom are independent. The Board has also reduced total and individual director compensation in keeping with peer group considerations. The Board will be reconstituting its Corporate Governance and Nominating Committee, Compensation Committee and Audit Committee in the coming weeks and will be reviewing its committee mandates and its board policies, including its Diversity Policy, policies on the number of other public company directorships and its Board Tenure Policy.
The other continuing Board members include Pamela Gibson, Of Counsel at Shearman & Sterling LLP; Geoffrey Handley, former Executive Vice President, Strategic Development with Placer Dome; Michael Price, mining finance consultant and advisor; Steven Reid, former Executive Vice President and Chief Operating Officer for Goldcorp; John Webster, former Managing Partner British Columbia at PriceWaterhouseCoopers; and George Burns, President and Chief Executive Officer of Eldorado Gold.
George Albino, incoming Chairman of the Board, stated "On behalf of the Board and the Company, we thank Robby for his work as Chairman and look forward to having him continue on the Board as an independent director. We also thank Jonathan Rubenstein for his years of dedicated service and substantial contributions to Eldorado."
"The changes announced today have resulted in a smaller and less costly Board with new leadership, while ensuring continuity and the efficient and effective provision of oversight and strategic direction to Management," said George Burns, President and Chief Executive Officer of Eldorado. "George Albino has had a long and successful career both in the mining industry and as an industry analyst. He and I are looking forward to working together with the other Directors to maximize the value of Eldorado's portfolio of assets."
About Eldorado Gold
Eldorado is a leading intermediate gold producer with mining, development and exploration operations in Turkey, Greece, Canada, Romania, Serbia and Brazil. The Company's success to date is based on a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with the communities where it operates. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).