Northgate Announces Retirement of President and CEO Ken Stowe
05.10.2011 Download this Press Release
View Press Release (pdf) VANCOUVER, May 10 /CNW/ -
Northgate Minerals Corporation ("Northgate" or the "Company") (TSX: NGX) (NYSE Amex: NXG) today announced that its President and Chief Executive Officer (CEO), Ken Stowe, intends to retire on the appointment of his successor. Mr. Stowe joined Northgate in 1999 and has been CEO since 2001. Mr. Stowe shared his retirement plans now to provide ample time to complete the recruitment and hiring process. A search will be conducted with the goal to select and transition to a new President and CEO by the end of 2011. The Board has designated the Corporate Governance and Compensation Committee, chaired by Mark Daniel, to oversee a comprehensive search process to identify Ken's successor, taking both internal and external candidates into consideration.
Terry Lyons, Chairman, said: "The Board is very appreciative of the contribution Ken has made during his time at Northgate. He has overseen the growth of the Company, the development of Kemess into one of the most efficient and prolific gold and copper mines in the world and, in Young-Davidson, the establishment of another strong core asset for the Company. He has also developed an excellent executive team that will build on his accomplishments and continue to strengthen Northgate. I would like to take this opportunity to thank Ken for all that he has done for the Company over the last twelve years."
"Ken remains in full control of the business until a successor is appointed. This will ensure continuity of strong management and will support the achievement of our strategic objectives while arrangements are made to find his successor."
Ken Stowe, Chief Executive Officer, added: "It has been a privilege to lead Northgate and to work alongside some of the most talented and capable people in the industry. As I approach the tenth anniversary of my tenure as CEO, I believe that the time is right to plan for my retirement. The Company now has an exciting and excellent portfolio of assets, and a strong platform from which we plan to grow further and build towards the future."
During his distinguished career, Mr. Stowe has served as Vice President, Technology of Diamond Fields Resources, where he was responsible for the feasibility study of the Voisey's Bay nickel-copper deposit and as Vice President, Operations of Westmin Resources, where he oversaw the successful startup of the Lomas Bayas copper mine in Chile. He then moved on to Northgate to take on the significant challenge of re-launching the Company as an operating entity through the turnaround of the then recently-commissioned but floundering Kemess South gold-copper mine. Kemess South ultimately became one of the lowest cost gold mines in the world. In 2006, Mr. Stowe was the recipient of the prestigious Canadian Mineral Processor of the Year Award.
Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. Our vision is to be the leading intermediate gold producer by identifying, acquiring, developing and operating profitable, long-life mining properties.
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