Detour Gold interim CEO, chairman lose out to Paulson nominees
Image courtesy of Detour Gold on Facebook
Detour Gold Corp shareholders voted for five nominees of Paulson and Co and removed the interim CEO and Chairman, among others, from the nine-member board, the hedge fund said on Thursday, ending a months-long proxy fight.
Paulson, who owns about 6 percent stake in the gold miner, had nominated eight members to the board.
The company “unsuccessfully tried to boost short-term performance”.
The hedge fund had alleged that under interim CEO Michael Kenyon the company “unsuccessfully tried to boost short-term performance”, including “questionably running up its accounts payable to exaggerate cash flows.”
Detour did not immediately respond to a request for comment.
(Reporting by Shanti S Nair; Editing by Shinjini Ganguli)
{{ commodity.name }}
{{ post.title }}
{{ post.date }}
Comments