Hudbay Minerals\u2019 (TSE, NYSE: HBM) second-largest investor, Waterton Global Resource Management, is seeking to oust the Canadian miner\u2019s chief executive officer and overhaul its board.<\/p>\n
The private-equity firm, which holds about 12% of Hudbay, wants to replace eight of the board\u2019s 10 members<\/a> with its own nominees and, as part of its plan, wants former Nevsun Resources CEO, Peter Kukielski, to lead the Toronto-based mining company. It also wants Richard Nesbitt former CEO of the Canadian Imperial Bank of Commerce, to become Hudbay Minerals\u2019 chairman.<\/p>\n The proposed names will replace current Hudbay\u2019s boss Alan Hair and chairman Alan Hibben, both of whom Waterton blames for the company\u2019s underperformance.<\/p>\n \u201cHudbay suffers from a culture of entrenchment,\u201d Isser Elishis, Waterton\u2019s chief investment officer, said in a letter to shareholders<\/a>. \u201cWe believe that the company\u2019s board must evolve in order to meaningfully hold management to account.\u201d<\/p>\n Waterton first complained about Hudbay\u2019s decisions<\/a> last year, when it learned the company was planning to acquire competitors<\/a> and warned that transactions like that could<\/a> \u201cadversely impact shareholders, the company’s balance sheet, and\/or the company’s ability to effectively progress its current portfolio of assets.<\/p>\n Hudbay Minerals\u2019 shares have lost more than 40% of its value in the past year, but were trading about 2.6% higher in both the Toronto and New York exchanges at around noon.<\/p>\n The company mines for zinc and copper, primarily in Canada\u2019s Manitoba province, but it also has operations in Peru and Arizona.<\/p>\n The post Hudbay Minerals investor Waterton seeks to replace CEO, board<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Toronto-based private-equity firm Waterton Global Resource Management is launching a proxy fight with Hudbay Minerals, pushing to overhaul the board and oust its chief executive over alleged “mismanagement.”<\/p>\n The post Hudbay Minerals investor Waterton seeks to replace CEO, board<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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