Detour Gold names new permanent CEO after Paulson-led proxy battle

Gold bars sit in a stack as an employee pours molten fine gold into an ingot mold during gold bar production at Oegussa GmbH's gold and silver separating plant, a unit of Umicore SA, in Vienna, Austria, on Friday, Jan. 16, 2015. , Photographer: Lisi Niesner/Bloomberg

The Canadian Press

Apr 1, 2019

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TORONTO -- Detour Gold Corp. (DGC.TO) has named a new CEO after an activist investor helped push for a leadership shake-up last year.

The company says Michael McMullen will come on as chief executive and director on May 1, pending his authorization to work in Canada.

Hedge fund Paulson & Co. won out in a proxy battle last December that saw five Paulson-nominated directors approved to take control of the company's future.

Detour Gold Corp. interim CEO Michael Kenyon resigned in December following the proxy vote, after which board member Bill Williams stepped into the role of interim CEO.

Paulson & Co. had launched the proxy campaign months earlier after expressing frustration with what it said was the company's inability to properly manage shareholder assets.

Company CFO James Mavor said in February that he would resign from the company in mid April.