The Board of Directors of Scorpio Mining Corporation (TSX:SPM) today announced that it has accepted the resignation of Scorpio’s President and Chief Executive Officer, Parviz Farsangi, and unanimously appointed the Company’s Chairman, founder and former Chief Executive Officer, Peter J. Hawley as interim President and Chief Executive Officer. Mr. Farsangi has stepped down as President and Chief Executive Officer and director of Scorpio to pursue other career opportunities, effective immediately.
Scorpio Mining’ Board of Directors also announced that Ewan Mason will replace Mr. Hawley as Chairman while Mr. Hawley carries out his executive role. The Board of Directors has commenced a search for a new Chief Executive Officer. During the interim period, the day to day operations of the Company will be supervised by Mr. Hawley with the support of Mr. Mason.
Scorpio Mining has been in a tailspin since March 2012, falling about 75% so far. We had hoped Mr. Farsangi would be a driving force to move Scorpio in the right direction. His decision to abandon ship during this critical period for the company (restating mineral reserves/resources and developing a new mine and expansion plan) does not bode well.
“The board was determined to find an experienced executive with a broad mining industry background and a person with a distinguished domestic and international career,” said Ewan Mason, Chairman.
“Personal considerations make this the right time for me to step aside as CEO,” said Mr. Hawley. “A successor of the caliber and strength of Mr. Farsangi and Scorpio Mining’s other leadership has made my decision easier. I am pleased that the board’s succession plan has produced a smooth, seamless leadership transition and that it has selected Mr. Farsangi to succeed me. Scorpio Mining’s employees and shareholders will benefit from his leadership and industry experience in the next phase of the Corporation’s growth.” he added.