Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 11, 2019, Bruce C. Kirchhoff, Vice President, General Counsel and Secretary of Royal Gold, Inc. (the “Company”), submitted his resignation effective January 2, 2020. Mr. Kirchhoff’s decision to resign was not the result of any disagreement with the Company.
Also on October 11, 2019, the Board made the following three appointments, each effective January 2, 2020:
1. Paul Libner, currently the Company’s Corporate Controller and Treasurer, was appointed Chief Financial Officer and Treasurer. Mr. Libner, age 46, has over 20 years of experience working in various financial and accounting roles within the mining and financial services industries. Mr. Libner joined Royal Gold in 2004 and served as Corporate Controller until June 2018. From June 2018 to present, Mr. Libner served as Corporate Controller and Treasurer. Mr. Libner began his career with Ernst & Young where he provided audit and business advisory services primarily for the financial services and healthcare industries and later held various finance and accounting roles within the financial services industry. Mr. Libner holds Bachelor of Science and Masters degrees in Accountancy from the University of Denver.
2. Randy Shefman, currently the Company’s Associate General Counsel, was appointed Vice President and General Counsel. Mr. Shefman, age 47, has 20 years of experience advising financiers, investors, lenders, operators and other sponsors in the finance, development and operation of large-scale infrastructure projects in the global mining, oil and gas and power sectors. Mr. Shefman joined Royal Gold in 2011 and served as Associate General Counsel. Prior to joining the Company, Mr. Shefman was in private legal practice with regional and international law firms based in Denver and New York, including LeBouef Lamb Greene & MacRae, Holland & Hart and Hogan Lovells. Mr. Shefman holds a J.D. from the University of Colorado Law School, an LL.M. in Environmental & Natural Resources Law & Policy from the University of Denver Sturm College of Law, and a Bachelor of Arts in History from the University of Michigan.
3. Mark Isto, currently Vice President Operations, Royal Gold Corporation, was appointed Executive Vice President and Chief Operating Officer, Royal Gold Corporation. Additional information about Mr. Isto can be found in the Company’s Notice of 2019 Annual Meeting of Stockholders and Proxy Statement filed on October 7, 2019.
Compensation paid to Messrs. Libner, Shefman and Isto will remain unchanged as each continues to serve in his current role until the effective date of appointment. Mr. Isto’s Employment Agreement, previously filed by the Company on Form 8-K on February 20, 2019, will continue in effect.
There are no other arrangements or understandings between Mr. Libner, Mr. Shefman or Mr. Isto and any other persons pursuant to which such individual was appointed to his respective position as described above. None of Mr. Libner, Mr. Shefman and Mr. Isto have family relationships with any member of the Board of Directors or any executive officer of the Company, and none have been participants or had any interest in any transaction with the Company that is reportable under Item 404(a) of Regulation S-K.