A $2.49-billion writedown at Kinross’s Tasiast gold project in Mauritania helped drag down the company’s shares earlier this year.Mark Blinch/Reuters
In yet another shakeup at Kinross, the company said its executive vice-president and chief financial officer will be leaving the company.
The exit of Paul Barry comes just two months after the man who hired him -- former CEO Tye Burt -- was suddenly replaced. This change came amid investor frustration over a low share price, mounting production costs and a troubled gold mine in Mauritania. Kinross chose former VP of corporate development, Paul Rollinson, for the throne.
Then, on August 9 there were further role changes at the company as it promoted Brant Hinze to president and chief operating officer (up from executive VP and COO), and two other executives also advanced.
Mr. Barry has only been with Kinross for a year and a half, but his last couple of roles have been similarly short-term. These include a two-year stint in Washington as an independent consultant, two-years as CFO of U.S.-based energy delivery company Pepco Holdings Inc., and roughly five years at Duke Energy Corp. where he held several roles. He also spent about four years at General Electric.
A press release said Mr. Barry will be leaving to pursue other interests, but that the "search for a suitable replacement" hasn't been concluded. Mr. Barry will stay in his role until a replacement can be found and transitioned in.