Eric Sprott's corporate succession plan is in full swing.
Peter Grosskopf was appointed Tuesday as chief exective officer of Sprott Inc. to succeed Mr. Sprott who founded the firm. Mr. Grosskopf, who was most recently president of Cormark Securities Inc., takes over his new duties in early September.
"Peter has the skills and experience necessary to manage the company's growth initiatives," Mr. Sprott said.
Toronto-based Sprott went public at $10 a share in May, 2008, but its stock has never regained its IPO value.
Mr. Sprott will assume the position of chairman of Sprott and chief investment officer of its subsididiary, Sprott Asset Management Inc., and continue to manage funds.
Sprott's chairman Jack Lee will become lead director, while Peter Hodson, a portfolio manager, will step down from the board. Mr. Hodson remains manager of Sprott Growth Fund and chairman of Sprott Asset Management.
Mr. Grosskopf, who was a co-founder of Newcrest Capital Inc. which was acquired by Toronto-Dominion Bank in 2000, will also serve as president and CEO of Sprott Resource Lending Corp. [currently Quest Capital Corp. which will be managed by Sprott Consulting LP following shareholder approval Kevin Bambrough will continue as president of Sprott Inc.
Mr. Sprott will hold a conference call on Wednesday at 9 a.m. ET to discuss the appointment. To access the call, you can dial 647-427-7450 or 1-888-231-8191.