Pan American Silver (TSX: PAAS; NASDAQ: PAAS) founder Ross Beaty will step down in May as the company’s chairman and has appointed board member Gillian Winckler to replace him.
Trained as a geologist, Beaty launched Pan American in 1984 and has served as its chairman since then. He was also CEO from the company’s inception until 2004.
“I am so proud and grateful to have worked with our wonderful and dedicated team in building this great company,” he said in his announcement. “I would also like to thank our shareholders, who have supported my vision of creating a world-class silver mining company.”
Pan American is now the second-largest primary silver producer in the world, with the world’s largest silver resources and reserves, the company says. It also produces a significant amount of gold.
Beaty noted in the announcement that the company “has never been in a better financial and operating condition, with many prospects for growth,” and said he has “full confidence in the company’s leadership team and its employees.”
Winckler who will succeed Beaty as chair on May 12, has been on the company’s board of directors since 2016, and also chairs the human resources and compensation committee; is a member of the audit committee and the nominating and governance committee.
She has worked in the mining sector for the last 25 years, 16 of which were with BHP (NYSE: BHP; LSE: BHP) in London, England and Vancouver. At BHP she was involved with everything from corporate strategy and mergers and acquisitions, to divestments, exploration and project evaluation and development.
“Managed succession is part of good governance, and I’m very pleased Gill has agreed to take on the role of Chair,” Beaty said. “She is a highly experienced mining professional with a strong background in environmental, social and governance matters.”
Beaty was inducted into the Canadian Mining Hall of Fame in 2018, and received The Order of Canada in 2017.
The Northern Miner named Beaty its Mining Person of the Year in 2011. (https://www.northernminer.com/commodities-markets/2011-mining-person-of-the-year-ross-beaty/1000791630/
Pan American Silver ended 2020 with no bank debt and cash and short-term investment balances of about $279 million.
This year the company expects to produce between 19.43 million oz. and 20.55 million oz. of silver and between 3.07 million oz. and 3.45 million oz. of gold.
In 2020 the company produced 17.3 million oz. of silver and 522,400 oz. of gold.