{"id":386585,"date":"2020-11-23T07:38:25","date_gmt":"2020-11-23T12:38:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=386585"},"modified":"2020-11-23T07:38:25","modified_gmt":"2020-11-23T12:38:25","slug":"sherritts-ceo-to-step-down-from-role-in-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sherritts-ceo-to-step-down-from-role-in-2021\/","title":{"rendered":"Sherritt\u2019s CEO to Step Down from Role in 2021"},"content":{"rendered":"

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\nSherritt\u2019s CEO to Step Down from Role in 2021\n<\/p>\n

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES<\/b><\/p>\n

TORONTO–(BUSINESS WIRE<\/a>)–
\nSherritt International Corporation (\u201cSherritt\u201d or the \u201cCompany\u201d) (TSX:S) today announced that its President and Chief Executive Officer, David Pathe, has informed the Board of Directors of his desire to step down from his role in 2021. The Company is launching a search for his successor, and Mr. Pathe has agreed to stay on until a replacement is in place to ensure an orderly transition.\n<\/p>\n

\nMr. Pathe\u2019s leadership during his eight-year tenure guided Sherritt through an era characterized by difficult and unpredictable nickel prices and the financial threats posed by the Ambatovy project by preserving the Company\u2019s liquidity and working relentlessly to improve its balance sheet. These achievements will allow Sherritt to capitalize on opportunities that lie ahead. Sherritt\u2019s Board of Directors would like to thank Mr. Pathe for his years of service and dedication.\n<\/p>\n

\n\u201cI would like to thank all of the employees of Sherritt for their hard work and tireless commitment to our Company,\u201d said David Pathe, President and CEO of Sherritt. \u201cTheir resilience and determination have enabled Sherritt to address its challenges and respond to an enormous amount of change. I leave Sherritt knowing that the Company has more runway to take a leading market position in the coming electronic vehicle revolution and in hydrometallurgy technology innovation, and the time is right for someone new to take Sherritt forward to the next stage of its history.\u201d\n<\/p>\n

\nMr. Pathe was appointed as President and CEO effective January 1, 2012 and also served as Chair of the Board from June 13, 2017 to June 26, 2019. Prior to becoming President and CEO, Mr. Pathe acted as Senior Vice President, Finance and Chief Financial Officer of the Company from March 2011, as Senior Vice President, General Counsel and Corporate Secretary from July 2009, as Vice President, General Counsel and Corporate Secretary from October 2008 and as Assistant General Counsel and Assistant Corporate Secretary from June 2007. Mr. Pathe was also an advocate for diversity and inclusion in the mining industry, having served as Co-Chair of the 30% Club and as a member of the Catalyst Canada Advisory Board. Mr. Pathe was recognized for these efforts by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) as their 2020 Diversity and Inclusion Award winner.\n<\/p>\n

\n\u201cDavid\u2019s tenure as Chief Executive was over a time as difficult to manage as any the Company has faced in its over 90-year history,\u201d said Sir Richard Lapthorne, Chair of the Board of Directors of Sherritt. \u201cHe was responsible for finding the funds required to meet Sherritt\u2019s contractual obligations from the legacy Ambatovy Project and, over the past six years, succeeded in finding ways to gradually improve the balance sheet, ultimately through exiting Ambatovy completely, which was achieved this past August. All of this was delivered while steadily improving performance from operations despite no help from the nickel price and increasingly hostile U.S. policy towards Cuba.\u201d\n<\/p>\n

\nUnder Mr. Pathe\u2019s leadership, Sherritt introduced and executed against a set of strategic priorities designed to advance its suite of long-life low-cost assets while prudently managing its finances, with highlights including:\n<\/p>\n