Eldorado Gold Corporation has made a number of changes to its Board of Directors.
Jonathan Rubenstein has elected to resign as a director and Robert Gilmore has stepped down as Chairman of the Board, though will continue as a Director, both effective as of 1 January 2018. Dr George Albino, a seasoned and experienced economic geologist, has been appointed as Independent Chairman.
Building on these and other recent retirements of the Board, the Board of Directors has reorganised. The departing directors will not be replaced, which will make for a leaner and more concentrated Board, comprising eight directors, seven of whom are independent. The Board has also reduced total and individual director compensation in keeping with peer group considerations. The Board will be reconstituting its Corporate Governance and Nominating Committee, Compensation Committee and Audit Committee in the coming weeks and will be reviewing its committee mandates and its board policies, including its Diversity Policy, policies on the number of other public company directorships and its Board Tenure Policy.
George Albino, incoming Chairman of the Board, stated: "On behalf of the Board and the Company, we thank Robby for his work as Chairman and look forward to having him continue on the Board as an independent director. We also thank Jonathan Rubenstein for his years of dedicated service and substantial contributions to Eldorado."
"The changes announced today have resulted in a smaller and less costly Board with new leadership, while ensuring continuity and the efficient and effective provision of oversight and strategic direction to Management," added George Burns, President and Chief Executive Officer of Eldorado. "George Albino has had a long and successful career both in the mining industry and as an industry analyst. He and I are looking forward to working together with the other Directors to maximise the value of Eldorado's portfolio of assets."