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Renaud Adams, Primero, Richmont

Following on from the post yesterday evening, I was soon informed by mailers (interestingly, both pre and post announcement this morning) that Renaud Adams was joining Richmont Mines (RIC.to) as President & CEO. For some of the mailers, that seems to be the end of the matter. That’s wrong.
People, let’s make this crystal clear: Leaving a $750m company like Primero (P.to) (PPP) where you were Pres/COO (and earning $818k/annum) and joining a $125m company where you’ll be Pres/CEO is not a move up the ladder. You don’t leave a company like PPP “effective immediately” and go to one  a 1/5th of the size just because you’re looking for a new challenge. Primero is doing this in early trading today…

…and rightly so. Mr Conway, care to elaborate?

UPDATE: Interesting feedback coming from this post. Subbers, IKN284 will have a little section.

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