Osisko Gold Royalties (TSX:OR) shares tumbled Wednesday after the company announced a shakeup in its c-suite.
CEO Sandeep Singh is leaving the company after three and a half years. He is replaced by mining industry veteran Paul Martin, who will hold the position on an interim basis.
Martin has previously worked as CEO and chief financial officer at mining companies, and he currently serves as chairman at Red Pine Exploration.
Shares of Osisko fell 11% Wednesday morning to $13.98.
“After careful consideration, the independent directors unanimously concluded that a change of CEO was necessary to best position Osisko for continued long-term success,” said Joanne Ferstman, lead director.
The company's board is searching for a permanent CEO, Osisko said in a statement.
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