Racine Named Yamana CEO; Marrone Now Executive Chairman
(Kitco News) - Yamana Gold Inc. (TSX: YRI; NYSE: AUY) announced changes in its top leadership Wednesday, with Daniel Racine promoted to president and chief executive officer, while company founder Peter Marrone leaves his job as CEO to assume a newly created role of executive chairman.
Racine is currently chief operating officer.
Marrone will serve as a liaison between the board of directors and management. The company said he will continue to “drive Yamana’s strategic vision,” focusing on initiatives to optimize capital deployment, return measures, sustainability of cash flow, and the evaluation of alternatives to maximize the value of assets, including those considered non-producing. Yamana said Marrone will also serve as a “guide, and mentor” to the new CEO.
“Our board of directors sees this appointment as a natural evolution of his [Racine’s] roles over the last several years,” Marrone said. “Daniel has shown tremendous leadership and his cooperative approach has been a key to the company’s recent strong performance.”
In late July, Yamana reported a profit for the second quarter and said company-wide gold production was on track to exceed 2018 guidance.
Racine has been with Yamana since 2014. Most recently, he oversaw operations and development-stage projects.