Argonaut Gold Inc. (TSX: AR) is updating its leadership team after its CEO Larry Ladford resigned for personal health reasons.
On Thursday, the company announced that Ladford will be stepping down immediately and the board of directors has appointed Richard Young to take over his position.
However, Radford will stay as a member of the board of directors and a chief advisor to the CEO until January 22 next year.
Young has over 30 years of experience in the gold industry and has worked as a Chartered Professional Accountant at Barrick Gold Corporation (ABX-T) in 1991 where he served in positions related to finance, operations, corporate development, investor relations and mine development.
Most recently he was the CEO of Teranga Gold Corporation which was sold to Endeavor Mining Corporation (EDV.TO) in 2021. Before this, he served as VP and CFO of Gabriel Resources Ltd. for five years.
“Larry stepped in during a challenging time for the company. Larry put in place an experienced construction team at Magino, developed a solid plan to bring Magino into production and ensured the company was on a solid financial footing,” said James Kofman, Chairman of the Board.
“Richard is an exceptional leader and seasoned CEO with a history of delivering results through strong execution and operational excellence. His experience at Teranga Gold in leading teams that built, commissioned and operated mines will be valuable to Argonaut,” Kofman added.
Kofman said the board is confident that Young is the right leader for the company at a pivotal time with the completion of the Magino mine in 2023 as part of its transformative strategy that will drive long-term, sustainable value for shareholders.
Argonaut Gold is a Canadian gold company focused on exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA.
The company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America.
Company stock dropped by 4.35 per cent today to $0.44 on the Toronto Securities Exchange.