Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Teck Resources Ltd. is shaking up its top executive ranks after coming under fire from investors seeking change at Canada’s largest diversified miner.
Harry “Red” Conger, a veteran miner who stepped down from Freeport-McMoRan Inc. this month, becomes Teck’s chief operating officer effective Sept. 1, the Vancouver-based company said Wednesday in a statement. Teck also named Jonathan Price, an executive from BHP Group, as chief financial officer, effective Oct. 1, to succeed Ron Millos, and appointed Rothschild & Co.’s Nicholas Hooper as senior vice president of corporate development, according to the statement.
The changes are being made after Chief Executive Officer Don Lindsay was severely criticized by investors who had called for his ouster. In May, Impala Asset Management LLC revealed it had sent a letter to Teck’s board in February, criticizing Lindsay. And an Australian hedge fund, Tribeca Investment Partners, had called for Lindsay’s replacement and said the company should divest energy and coal assets.
Teck’s shares have struggled this year, dropping 26% in Toronto trading, compared with a 13% gain in the 107-company Bloomberg World Mining Index.
“These changes will further strengthen our senior management team as we continue to advance our key priorities to generate long-term value for shareholders,” Lindsay said in Wednesday’s statement.
(By Steven Frank)
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