North American Palladium Appoints a New Independent Chairman
North American Palladium Ltd. ("NAP" or the "Company") (TSX: PDL)(NYSE MKT: PAL) and its Board of Directors are pleased to announce the appointment of Mr. Robert Quinn to the position of Chairman, effective March 4, 2013. Mr. Andre Douchane, NAP's Chairman for the last 7 years, will continue to perform Chief Executive Officer ("CEO") responsibilities until a new CEO is named, and will therefore relinquish his role as Chairman to allow NAP to be governed by an independent Chairman.
Mr. Quinn, who has been acting as Lead Independent Director, has been a member of the Company's Board of Directors since June 2006 and has over 30 years of experience in the mining industry. Mr. Quinn, who holds degrees in both international business and law, is a founding partner of the Houston mining transactional law firm Quinn & Brooks LLP, with previous experience as Vice President and General Counsel for Battle Mountain Gold Company. He has extensive public company board experience with a specialty in corporate governance, M&A transactions, public disclosure, governmental affairs, environmental law and land management.
Mr. Douchane, who was appointed to the Company's Board of Directors in 2003, will continue to provide the benefit of his considerable industry experience and substantial historical knowledge of the Company as a Director of the Board and as CEO of the Company for the duration of the Board's search for a permanent CEO candidate. The Board would like to express its appreciation to Mr. Douchane for his valuable contribution to NAP as Chairman and looks forward to his continued guidance in the years ahead.
The Board of Directors remains active in its search to find a new CEO for the Company and a formal search process is underway through a leading Canadian executive recruiting organization. The Company will update shareholders when the successful candidate is named.
Interesting . . . and good for the company that the new Chairman was named prior to the proxy. Since Mr. Quinn has been on the board for years, it's may not be a monumental change. It would be interesting to know what his positions on the gold ventures were at the time and are now.
When I looked up his background, I found a few statements that piqued my interest.
"Mr. Quinn's broad domestic and international legal and management experience includes the due diligence, negotiation and documentation of over $2 billion of mergers and acquisitions, over $600 million of corporate and project financing, over $200 million of engineering and construction contracts, numerous exploration and joint venture agreements and the permitting …"
"He formed and led, as U.S. general counsel of an Australian client, a litigation team that in 2003 obtained a verdict of $164 million and a settlement recovery of $101 million against an international engineering firm over a negligently prepared feasibility study for a failed copper mine in Nevada."
The title Independent Chairman ot the Board simply means that the Chairman does not work for the CEO. He is independent and can provide checks and balances. Since the CEO is planning to step down soon, I personally think that Mr. Quinn might be taking over the CEO position at some point.