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Paulson & Co. shakes up Detour Gold's board, wins most seats in proxy battle


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Paulson & Co. shakes up Detour Gold's board, wins most seats in proxy battle

Detour Gold Corp.'s shareholders largely sided with Paulson & Co. Inc. in a bitter contest for control of the Detour board, electing five Paulson & Co. nominees to a nine-member board at a special Dec. 13 shareholders meeting.

Steven Feldman, Christopher Robison, Ronald Simkus, William Williams and Dawn Whittaker were the Paulson & Co. nominees voted onto the board of directors, while Michael Kenyon, Alex Morrison, Jonathan Rubenstein, Lisa Colnett and Edward Dowling were voted off.

Kenyon also resigned as interim CEO of Detour Gold, after previously indicating he would step down if not elected to the board.

Incumbents that remain on the board are Alan Edwards, Andre Falzon, James Gowans and Judy Kirk. Paulson & Co. partner Marcelo Kim was not elected to the board.

The vote brings to an end Paulson & Co. push to shake up the board, having successfully made its case for most directors to be replaced.

"Seven out of eight directors have changed since we started this campaign," Bloomberg quoted Kim as saying at the meeting. "But it's not about who won or who lost, it's about what's best for the company."

Paulson & Co. has said it was unhappy with Detour Gold's share price performance and management, while Detour Gold has cast Paulson & Co.'s activism as "self serving" and the board changes as counterproductive.