Silver Standard Resources Incorporated: Robert Quartermain Resigns
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| Topic: Silver Mining Companies — January 25th, 2010
Robert Quartermain
Silver Standard Resources Incorporated (TSX:SSO) (NASDAQ:SSRI) has announced that Robert A. Quartermain has resigned as President and CEO of the Company effective January 19, 2010 as per the following company statement:
Mr. Robert Quartermain stated, “The Board of Directors and I have agreed that it would be an appropriate time for me to step down as an executive of the Company. I have had an exceptional and enjoyable career at Silver Standard that has spanned 25 years as we have created a major silver company from a small exploration company.”
Mr. Peter Tomsett, Silver Standard’s Chair, stated, “Bob has spent the last 25 years managing Silver Standard’s impressive resource growth, and has done an outstanding job in creating shareholder value. We are pleased that Bob will remain on the board to ensure a seamless transition to a new CEO as we continue to evolve from a successful exploration company into a major silver producer.”
The Board of Directors is conducting a search for Mr. Quartermain’s successor. Pending the completion of the search, A.E. Michael Anglin will step in as interim President and CEO. Mr. Anglin has been a director of Silver Standard since 2008.
Mr. Anglin is a well known and highly regarded mining engineer with a career of over 20 years in senior management roles at BHP Billiton. His most recent role before his retirement in 2008 was as Vice President Operations & Chief Operating Officer of BHP Billiton’s Base Metals Group based in Santiago, Chile. His extensive international experience has ranged from multi-site
management to technical, functional and business development. Prior to joining BHP Billiton in 1986, he held engineering roles at Texasgulf and New Jersey Zinc. He holds a B.Sc. Hons. (Mining) and a M.Sc. from the Royal School of Mines, Imperial College, London.
Mr. Tomsett stated, “We are fortunate to have an executive with Mike’s experience, knowledge and expertise on the board to step in on an interim basis to manage the Company. I am confident that the Company is in good hands pending completion of a successful CEO search.”
In our humble opinion SSRI are losing a top draw member of the management team who will be difficult to replace. The news of his resignation has no doubt impacted on the share price and a lot rests on who the replacement will be and just how fast they can fill this slot. We still rate the company highly but our plan to buy a few Call Options on this stock will have to go onto the back burner until the dust settles and the full impact of this change is accounted for in the price of the stock. In the mean time we will turn our attention to Agnico-Eagle Mines Limited with the view to bagging a few of their Call Options.
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What symbols are used for call options for these companies? Can they be purchased in non-margin accounts?
Comment by Rich — January 25, 2010 @ 3:18 pm
When a company hero quits ahead of having a replacement, it looks suspicious. Was he forced to resign? Did he make a bad decision? SSRI’s board like many boards doesn’t offer much in the way of explanation here.
Comment by Pete Giovine — January 25, 2010 @ 4:34 pm
Rich,
1. Yes you can trade options without having a margin account, an ordinary account is fine.
2. Go to ETRADE, enter the stock symbol at the top of the page say SSRI, then click on the options chains and have a play with the different series etc.
Pete,
We are not too happy about it either, lets see what gives.
Comment by Silver Prices — January 26, 2010 @ 1:16 am
Doesn’t say what Mr. Quartermain is going to do?? Maybe head up a newer exploration company??
Please keep us informed if you hear anything in this regard.
Thanks.
Comment by Mark — January 26, 2010 @ 9:14 pm