Coeur Names Mitchell J. Krebs as President and Chief Executive Officer
July 15 2011 - 9:00AM
Business Wire
Coeur d’Alene Mines Corporation (NYSE:CDE)(TSX:CDM) announced
today that Mitchell J. Krebs has been appointed as President and
Chief Executive Officer of the Company. In addition, the Board of
Directors also elected Mr. Krebs as a director and Robert E. Mellor
as non-executive Chairman of the Board.
Messrs. Krebs and Mellor are succeeding Dennis E. Wheeler, who
resigned from Coeur as President, CEO and Chairman of the Board of
Directors on July 11, 2011. The appointments follow an exhaustive
internal and external search conducted by the Board of Directors as
part of the Company’s succession planning.
Mr. Mellor said, “As an already proven and respected member of
Coeur’s senior management team, the Board is confident Mitch will
guide the company to greater success. Mitch has been instrumental
in Coeur’s growth and re-positioning over the past several years.
He has demonstrated leadership in value-enhancing initiatives
during his 16 years at Coeur. These include leading the significant
reduction in short and long-term debt, restructuring of the balance
sheet and timely financings to facilitate the construction of our
platform of new silver and gold mines. His comprehensive
understanding of Coeur’s operations and a competitive industry
makes him uniquely qualified to take Coeur to the next level.”
Mr. Wheeler will continue to serve the Company as a consultant
until July 2012 in order to facilitate a smooth transition and to
capitalize on his vast experience and in-depth knowledge of the
company. Mr. Mellor said, “We have been fortunate to have had
Dennis serving our 83-year-old Company and its shareholders as a
dedicated and steadfast CEO for nearly 25 years and a director for
33 years. His stellar career built our Company from a small Idaho
silver producer through the challenging period of low silver prices
in the 1980s and 1990s to the largest U.S.-based primary silver
producer with three new world-class, long-lived silver and gold
mines, which are generating record production, revenues and cash
flow. Dennis also has been a leading spokesman and advocate for the
mining industry, a director of the National Mining Association and
the World Gold Council and former President of the Silver
Institute. We thank Dennis for his many contributions to
Coeur.”
Mr. Krebs was previously the Company’s Senior Vice President and
Chief Financial Officer, and will continue to serve as CFO. During
his tenure with Coeur, Mr. Krebs has held various positions in the
corporate development department, including Senior Vice President
of Corporate Development. Since March 2008, Mr. Krebs has held the
position of Chief Financial Officer and also has been responsible
for the Company’s corporate development and investor relations
activities. As CFO, Mr. Krebs led debt reduction activities and
over $1 billion in capital financings to fund the construction of
the three mines. He also facilitated over $1.3 billion of
acquisitions and divestitures during his time at Coeur. He joined
Coeur in 1995 after spending several years in the investment
banking industry in New York. Mr. Krebs holds a BS in Economics
from The Wharton School at the University of Pennsylvania and an
MBA from Harvard University.
Mr. Mellor was previously the independent Lead Director for the
Company and serves on the executive and compensation committees and
is the chairman of the nominating and governance committee. He has
served as a director of Coeur since 1998. Mr. Mellor is the retired
Chairman, CEO and President of Building Materials Holding
Corporation. He is a long-time director of The Ryland Group, Inc.
and Monro Muffler/Brake, Inc.
With Mr. Krebs continuing as CFO, Elizabeth M. Druffel continues
as Chief Accountant and, upon Mr. Krebs’ appointment to CEO, became
the Company’s principal accounting officer.
Cautionary Statement
This press release contains forward-looking statements within
the meaning of securities legislation in the United States and
Canada, including statements regarding anticipated operating
results. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside the control of the
Company. Statements in this press release are based on information
that the Company believes is reasonable, but involve significant
uncertainties affecting the business of the Company, including, but
not limited to, future gold and silver prices, costs, ore grades,
estimation of gold and silver reserves, mining and processing
conditions, construction schedules, currency exchange rates, and
the completion and/or updating of mining feasibility studies,
changes that could result from future acquisitions of new mining
properties or businesses, the risks and hazards inherent in the
mining business (including environmental hazards, industrial
accidents, weather or geologically related conditions), regulatory
and permitting matters, risks inherent in the ownership and
operation of, or investment in, mining properties or businesses in
foreign countries, as well as other uncertainties and risk factors
set out in filings made from time to time with the United States
Securities and Exchange Commission, and the Canadian securities
regulators, including, without limitation, the Company’s reports on
Form 10-K and Form 10-Q. Actual results could vary significantly
from the estimates presented. Readers are cautioned not to put
undue reliance on forward-looking statements. The Company disclaims
any intent or obligation to update publicly such forward-looking
statements, whether as a result of new information, future events
or otherwise. Additionally, the Company undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of the Company, its financial or operating
results or its securities.
About Coeur
Coeur d’Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. The Company
has three new, large precious metals mines generating significantly
higher production, sales and cash flow in continued strong metals
markets. In 2011, the Company will realize the first full year of
production and cash flow from all three of its new, 100%-owned
mines: San Bartolomé in Bolivia; the Palmarejo silver/gold
mine in Mexico, and the Kensington Gold Mine in Alaska.
In addition, the Company is expecting new production from its
long-time flagship Rochester mine in Nevada. The Company also owns
a non-operating interest in a low-cost mine in Australia,
and conducts ongoing exploration activities near its
operations in Argentina, Mexico and Alaska.
For additional information, please refer to the Company’s
website at www.coeur.com.
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