Lundin Mining Corporation (TSX:LUN) shares were down after the mining company announced Jack Lundin as its new CEO.
Lundin is the son of the company’s late co-founder Lukas Lundin.
Earlier, Lundin Mining announced the resignation of CEO Peter Rockandel, who will leave his post at the end of the year.
The transition comes in the wake of the company relocating its headquarters from Toronto to Vancouver in September, a shift that has seen several high-ranking executives and managers step down.
Rockandel will serve as an advisor to the company in the future, according to a Lundin statement.
Jack Lundin is the current president of the company and former director. Lundin is expected to step into the role by the beginning of 2024.
The Lundin family trusts presently own approximately 15.4% of Lundin Mining.
Lundin shares have lost nearly 14% over the last month. Its Toronto-listed shares closed just over 5% lower on Tuesday afternoon.