- Michael Harrison, current interim President and CEO Sprott Resource Holdings (TSX:SRHI), will be stepping down from the role later this month
- After Michael steps down, Terry Lyons, current Chairman of Sprott Resource Holdings, will take the position of interim CEO
- In turn, Terry will need to step down from the company’s compensation, conflict resolution, corporate governance and nominating committees
- Sprott Resource Holdings (SRHI) is up 1.52 per cent and is trading at C$0.34 per share
Michael Harrison, current interim President and CEO Sprott Resource Holdings (TSX:SRHI), will be stepping down from the role later this month.
The company revealed the management change while clarifying a review performed by Institutional Shareholder Services, which relates to an upcoming shareholders meeting, scheduled later this month.
Announced last month in a management information circular, the company’s ongoing management services agreement with Sprott Consulting will be terminated on 23 June.
Due to the termination, Michael will need to step down from his current interim position. The company expects to begin transitioning in the second half of the year, once it determines a recruiting strategy.
After Michael steps down and the transitional period commences, Terry Lyons, current Chairman of Sprott Resource Holdings, will take the position of interim CEO.
After becoming interim CEO, Terry will need to step down from both the company’s compensation committee and the conflict resolution, corporate governance and nominating committee.
In tandem with Terry’s new appointment, the board will choose a lead director to take his place on the above committees.
Turning to the company’s holdings, Sprott Resources is currently focused on developing its copper mining operation in Chile and is also in the process of divesting from its legacy assets.
It has been a difficult year thus far for the company’s share price. Since the COVID-19 pandemic began to hit the market in early February, the company’s market share has fallen over 50 per cent, posting its 52-week low late last month.
Sprott Resource Holdings (SRHI) is up 1.52 per cent and is trading at C$0.34 per share at 12:42pm EDT.
