Guyana Goldfields CEO to exit as company reaches proxy fight settlement with founder GlobeBusiness
Troubled junior gold company Guyana Goldfields Inc. has agreed to replace its chief executive officer and is parting ways with three board members, as it reached a proxy settlement with a group of dissident shareholders.
Since January, Guyana has been locked in a bitter proxy fight with a group led by the company’s founder, Patrick Sheridan, who proposed replacing the company’s entire slate of seven directors. Mr. Sheridan, who founded the company in the 1990s, was fired by Guyana last year, and the company has since accused him of poor managerial performance, conflicts of interest and ethical lapses.
The pending exit of Mr. Caldwell is an about face for Guyana’s board of directors who only a few days ago said it was solidly behind him. “He did a fabulous job building the Aurora mine in the first couple of years and he’s kinda victim to a legacy item that didn't get uncovered til now.”
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