Impala Asset Management has become the second investor in a month to go public about efforts to pressure Canadian miner Teck Resources into ousting its longstanding CEO.
The Connecticut firm, founded by industry veteran Bob Bishop, said it sent a letter to Teck’s board Feb. 28, excerpts of which it provided to Bloomberg.
The letter criticises Teck’s CEO, Don Lindsay, for what the firm calls destruction of shareholder value while saying he received one of the biggest paychecks in the industry. In 2019, Lindsay’s total compensation was C$9.2-million, including C$1.64-million in salary.