Stornoway Diamond top executives to step down
Stornoway Diamond announced Thursday that Patrick Godin and Annie Torkia Lagacé will be stepping down from their respective positions as president and CEO and EVP, finance and corporate services, effective Friday June 26.
Godin will be succeeded by Patrick Sévigny, who joined Stornoway in 2015 and is currently vice president, operations. Sévigny will assume leadership as chief operating officer while Lagacé’s responsibilities will be redistributed within the organization, Stornoway said in the media statement.
In April 2019, Stornoway halted operations at Renard, which was Quebec’s first diamond mine, and Stornoway’s primary asset.
In September 2019, Stornoway was granted protection under the Companies’ Creditors Arrangement Act from the Superior Court of Quebec while the company restructured its business and financial affairs.
In October 2019, Stornoway was delisted from the Toronto Stock Exchange after steep financial losses. The Canadian miner, originally co-founded by Eira Thomas, has been facing financial storms since late 2016.
The board of directors, in collaboration with shareholders, said it continues to work actively on streamlining the corporation and an eventual restart of Renard mine operations as the diamond market recovers, the company said.
Stornoway had been exposed to the low-quality end of the market, and those diamonds have been selling for much less, due to an unforeseen oversupply.
Hubert T. Lacroix, chairman of the Board said it was largely due to Godin’s leadership that the construction of the Renard mine was completed ahead of schedule and under budget.
Lacroix said Godin and Lagacé will continue to support Stornoway’s current executive team to ensure a transition through the end of 2020.