Goldcorp's Telfer will not join Newmont board once acquisition is complete - InfoNews

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Goldcorp's Telfer will not join Newmont board once acquisition is complete

Goldcorp Inc. president and CEO Ian Telfer speaks during the annual general meeting in Toronto on April 19, 2006. Goldcorp Inc. says its chairman, Ian Telfer, will not be joining the board of Newmont Mining Corp. after the U.S. gold miner completes its deal to buy the company. Vancouver-based Goldcorp says Telfer is focusing all of his efforts on having the Goldcorp shareholders approve the pending transaction. THE CANADIAN PRESS/Aaron Harris
March 14, 2019 - 4:33 AM

VANCOUVER - Goldcorp Inc. says its chairman, Ian Telfer, will not be joining the board of Newmont Mining Corp. after the U.S. gold miner completes its deal to buy the company.

Newmont announced a friendly deal valued at US$10 billion to acquire Goldcorp in January.

Telfer was to join the Newmont board as deputy chairman once the deal was completed.

Vancouver-based Goldcorp did not explain why the change was made, but in a brief statement said Telfer is focusing all of his efforts on having the Goldcorp shareholders approve the pending transaction.

Goldcorp has been criticized for an US$12-million retirement allowance to be paid to Telfer that was increased from about US$4.5 million.

The Shareholders' Gold Council called it a "gratuitous additional payment."

Companies in this story: (TSX:G)

News from © The Canadian Press, 2019
The Canadian Press

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