The notion that a newly-appointed CEO must be from the same industry vertical is a bit short-sighted and not necessarily a measure of a company's success or immediate needs. A company like Auryn seems to have plenty of mining industry experience surrounding the company. But who of them have experience in building up and expanding a company? Any company, not just a mining company?
Generally speaking, miners explore, mine, handle mining regulations, acquire nice prospective properties, etc. But how much experience does the Auryn leadership have in bringing a company public? Or building a company up from a handful of employees focused on mining and morphing into a much larger company that requires a build up of human capital, business infrastructure, policies & procedures, public relations, investor relations, corporate governance, and so forth?
Rob McEwen was an investment banker before he founded Gold Corp. Sam Walsh, former CEO of Rio Tinto, was in the automotive industry for 20 years before being appointed CEO. Jeff Bezos of Amazon was a hedge fund manager before founding Amazon. Heck, our own Kevin Tupper didn't have any mining experience when he took over as CEO of Medinah, but he filled a gap that was sorely needed for the company. There are countless other examples we could all dig up of cross-industry appointments.
If Auryn is going to grow organically, they will need leadership that fills gaps that aren't necessarily fillable by augmentation of another mining professional on their staff. Sure, having industry experience would be helpful, but it is apparent that Mr. Conetta was hired for other reasons, bringing an apparently missing skillset to Auryn's table. No offense to Maurizio, but I'm not sure he's the man to bring Auryn public. I could be wrong, but I want Maurizio out at mining conferences networking and negotiating deals. I want him in the foothills of ADL working with geologists on the next exploration and extraction targets. I want him scouting Chile for prospective properties for Auryn's pipeline. As far as bringing Auryn public and giving shareholders a long-awaited return on their investment, I want someone who has experience in that realm. From Mr. Conetta's resume, it seems like he has the experience to do so...and he's already jumped industries and has proven to be successful.
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