Major management reshuffle at Centerra Gold

Centerra Gold (TSX:CG) was trading low on Thursday morning, after the Canadian gold miner reported late Wednesday that two of its senior executives were retiring in February next year.

The company’s stock was down 6.6% to $8.34 on the Toronto Stock Exchange at 10:32 AM EST.

The Toronto-based gold producer said that Ronald H. Colquhoun, vice president and chief operating officer would retire on Feb. 1.

Anthony J. Webb, from the Board of Directors, is also retiring next year. Webb joined the Board at the IPO of Centerra in 2004, and has been Chair of the Human Resources and Compensation Committee since then. The board has appointed Ian Atkinson, President and CEO of Centerra Gold to fill this vacancy.

Meanwhile, Gordon D. Reid, Vice President Operations, has been promoted to the position of Vice President and Chief Operating Officer effective January 1, 2013.

Gordon joined the company in October 2004 and was Vice President Business Development before moving to Bishkek in October 2007 and assuming the role of President of Kumtor.

Centerra became the sole owner of Oksut yesterday, a promising gold development in Turkey, which went through the million-ounce mark last February.

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