SolGold CEO to retire amid rift with top owners BHP Group, Newcrest

SolGold PLC said Jan. 19 that Nicholas Mather will retire as CEO due to personal reasons, effective March 31.

Mather has served as CEO of the Australian company for 13 years, and intends to remain on the SolGold board as a nonexecutive director. Upon his retirement, Independent Nonexecutive Director Keith Marshall will take over as interim CEO.

SolGold announced Mather's departure following a recent Reuters report that the company had started the process to replace him after nearly half of its shareholders, including BHP Group and Newcrest Mining Ltd., voted against his reelection to the board during its December 2020 annual meeting.

BHP Group owns 13.57% of SolGold and Newcrest owns 13.49%, according to S&P Global Market Intelligence data. The two investors have expressed concern about SolGold management's decisions regarding its 85%-owned Cascabel copper-gold project in Ecuador.