On Thursday last week, Capstone Mining Corp. (Capstone) made reductions to its organisational structure, including changes to its senior executive team. This was designed to improve financial and operating performance by further empowering mine general managers and their teams to deliver profitable, safe and sustainable production within their respective business units.
Capstone has eliminated 35% of positions from its head office in Vancouver and expects to reduce annual corporate general and administrative expenses by approximately US$5 million per year.
"We are committed to seeing our portfolio of assets achieve their full potential and deliver industry leading returns for our shareholders," said Darren Pylot, President and CEO of Capstone.
"These changes will help us streamline support to our operating teams as well as drive a sense of ownership, with each operation functioning as an independent business unit. The corporate team will focus on the significant organic growth opportunities within our portfolio."
As a part of the company's executive leadership transition, Gregg Bush, Senior Vice President and Chief Operating Officer will retire from the company at the end of the year.
At this time, Capstone does not anticipate filling the role of Chief Operating Officer in this decentralised operating model.
Read the article online at: https://www.globalminingreview.com/finance-business/12112018/capstone-mining-streamlines-organisational-structure/