The chief executive and chief financial officer at Hochschild Mining plc have stepped down after overseeing a record year for production and profits.
Miguel Aramburú, who has been with the silver producer for 15 years, has resigned as chief executive with effect from March 31 to start up his own consultancy business, while chief financial officer Ignacio Rosado will depart at the end of May to take on a chief executive role.
Deputy chairman Roberto Dañino said: “Both have been with the company over many years and have done an incredible job during their time with us.”
Mr Aramburú said: “I am ready for a change, I feel I have a debt to myself and I want to fulfil certain personal projects.”
Since its initial public offering in November 2006, the company has grown annual production from 23Moz to a record 28Moz of silver produced in 2009. It has also diversified geographically from purely a Peruvian producer to now having a presence in Argentina, Chile, Mexico and Canada.
Ignacio Bustamante, the current chief operating officer, will take on the role of chief executive. He joined the company in 1992 and has experience in mining, as well as finance, having worked for Deutsche Bank in New York.
Chairman Eduardo Hochschild said that Mr Bustamante had worked closely with Mr Aramburú over the past three years.
Ramón Barúa has been appointed as the new chief financial officer. He was most recently chief executive of Fosfatos del Pacifico, a subsidiary of Cementos Pacasmayo, which in turn is an affiliate of the Hochschild group. During 2008, Mr Barúa was the general manager for Hochschild's Mexican operations.
Mr Dañino said: “Today I am here to assure you that there is solid continuity and that we have superb successors. Our ability to recruit from within the company demonstrates the depth, strength and quality of the Hochschild team.”
The chief executive and chief financial officer at Hochschild Mining plc have stepped down after overseeing a record year for production and profits.
Miguel Aramburú, who has been with the silver producer for 15 years, has resigned as chief executive with effect from March 31 to start up his own consultancy business, while chief financial officer Ignacio Rosado will depart at the end of May to take on a chief executive role.
Deputy chairman Roberto Dañino said: “Both have been with the company over many years and have done an incredible job during their time with us.”
Mr Aramburú said: “I am ready for a change, I feel I have a debt to myself and I want to fulfil certain personal projects.”
Since its initial public offering in November 2006, the company has grown annual production from 23Moz to a record 28Moz of silver produced in 2009. It has also diversified geographically from purely a Peruvian producer to now having a presence in Argentina, Chile, Mexico and Canada.
Ignacio Bustamante, the current chief operating officer, will take on the role of chief executive. He joined the company in 1992 and has experience in mining, as well as finance, having worked for Deutsche Bank in New York.
Chairman Eduardo Hochschild said that Mr Bustamante had worked closely with Mr Aramburú over the past three years.
Ramón Barúa has been appointed as the new chief financial officer. He was most recently chief executive of Fosfatos del Pacifico, a subsidiary of Cementos Pacasmayo, which in turn is an affiliate of the Hochschild group. During 2008, Mr Barúa was the general manager for Hochschild's Mexican operations.
Mr Dañino said: “Today I am here to assure you that there is solid continuity and that we have superb successors. Our ability to recruit from within the company demonstrates the depth, strength and quality of the Hochschild team.”
