Detour Gold shareholders vote for change: CEO resigns, new board elected, following Dec. 13 shareholder meeting.

Position:Briefs - Resignation of Michael Kenyon - Appointments of James Gowans, Alan Edwards, Andre Falzon, Steven Feldman, Judy Kirk, Christopher Robison, Ronald Simkus, Dawn Whittaker, and William Williams.
 
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Detour Gold has rejigged its board of directors following a special Dec. 13 shareholder meeting.

More than half of the former board members have been replaced, and the company's interim CEO, Michael Kenyon, has resigned.

A total of 133,097,853 common shares were voted at the meeting, representing 75.91 per cent of the company's outstanding common shares.

The new board includes chair James Gowans, who is joined by eight additional directors: Alan Edwards, Andre Falzon, Steven Feldman, Judy Kirk, Christopher Robison, Ronald Simkus, Dawn Whittaker, and William Williams.

Former directors Kenyon, Lisa Colnett, Edward Dowling, Alex Morrison, and Jonathan Rubenstein have been removed from the board.

The vote follows a months-long dispute between Detour's board and its largest shareholder, the New York-headquartered investment management firm Paulson & Co. Inc.

Paulson, which owns 5.7 per cent of Detour's shares, had called for changes to the board, suggesting the former slate had created a climate of "entrenchment and self-enrichment," devalued the company, and refused to consider alternative life-of-mine plans.

Amongst Paulson's complaints are that the board awarded interim CEO Kenyon a salary of $1.5 million, twice what his predecessor earned, and that the board tried to inflate third-quarter results to make it appear the company was doing better than it was. Paulson wanted a new plan put in place for the long-term management of the company.

The firm...

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