Kinross Gold Corp. has further shuffled its management, promoting former chief operating officer Brant Hinze to the post of president as it moves to refocus strategy at the struggling company.
“This promotion is consistent with a renewed focus on operational fundamentals, delivering on key metrics at our sites, and reducing costs across our operations and projects," Chief Executive Officer J. Paul Rollinson said on Thursday, a week after he was himself promoted to the helm of the company.
Kinross also announced two additional role changes at the company, Canada’s third-largest gold producer, appointing Geoffrey Gold to executive vice-president for corporate Development. James Crossland, becomes executive vice-president for corporate affairs
Kinross is battling to right itself after months of controversy over Tasiast, a massive gold project in Mauritania that has failed to meet expectations since it was purchased in a $7.1-billion takeover in the summer of 2010. Early this year Kinross announced a $2.49-billion writedown on the project amid soaring costs and changing project parameters.
Mr. Rollinson advised the market on Thursday to expect further news in coming weeks and months as the company takes tough decisions about how to better manage costs.
The statement followed pledges on Wednesday to embark on a sweeping cost-cutting campaign to improve its cash flow as it responds to shareholder demands that it put more emphasis on returns.