PRECIOUS METAL PRODUCERS

[NYBob]

UPDATE 1-Goldcorp CEO McArthur to retire, Jeannes replaces -
Fri Dec 12, 2008 10:42am EST

http://www.reuters.com/article/marketsNews/idCAN1244792420081212?rpc=44

TORONTO, Dec 12 (Reuters) - Goldcorp (G.TO: Quote, Profile, Research, Stock Buzz) Chief Executive Kevin McArthur will retire at the end of the year for personal reasons, and be replaced by Executive Vice-President Charles Jeannes, the mining company said on Friday.

McArthur, who also serves as president, will stay on through 2009 as adviser to the new CEO and remain as a director on the company's board.

"Personal considerations make this the right time for me to step aside as CEO," McArthur said in a statement.

McArthur had previously served as CEO of Glamis Gold, then took the reins of Goldcorp after it bought Glamis in 2006.

That takeover built Goldcorp into what is now the world's second-largest gold company, based on market capitalization, despite some struggles to integrate the new operations.

The Vancouver-based company's shares have been hurt in the last few months by the global credit crisis and recession worries, which have prompted many investors to dump resource issues.

However, the stock has been among the stronger gold performers, holding on to gains of 3.6 percent so far this year, compared with a drop of 11 percent for the S&P/TSX global gold index, which tracks mid- to large-cap companies on several exchanges.

Goldcorp was up 70 Canadian cents, or 2.1 percent, at C$34.30 on the Toronto Stock Exchange on Friday.

Jeannes, who has been in charge of corporate development, also came to Goldcorp from Glamis, and has worked in the natural resources sector for more than 25 years, the company said.

Brad Humphrey, an analyst at Raymond James, said the announcement was not any reason for concern.

"I think people unexpected that he was going to step down and Chuck was the guy everyone expected to take over," he said.

($1=$1.24 Canadian) (Reporting by Cameron French; editing by Rob Wilson)

Got Goldcorp..dd..
http://www.goldcorp.com

God Bless