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IAMGold lays off 40% of management and quits World Gold Council
IAMGOLD Reduces Executive Team by 40% and Takes Further Measures to Cut Costs
Company Statement via PR Newswire
Monday, November 10, 2014
TORONTO -- IAMGOLD Corp. announced today that in its continuing efforts to maximize economic returns, the company has transformed its corporate structure with the primary objective of creating a more efficient and effective organization that embeds agility and scalability through the adoption of leading practices. ...
Concurrent with these changes, IAMGOLD has undertaken further cost cutting initiatives in addition to the $125 million of cost reductions realized in 2013. The company is targeting a 10 percent overall reduction of corporate general and administrative costs in the 2015 budget as well as productivity and cost reduction initiatives at the Rosebel and Essakane mines. In respect of this focus on costs, the company has decided to reduce a number of its corporate memberships, including withdrawal from the World Gold Council. While the Company acknowledges the excellent past work of WGC and is grateful for their efforts to promote gold, it is necessary in these times to make these tough decisions and focus on the essentials of running the business. ...
... For the complete statement from the company:
http://www.prnewswire.com/news-releases/iamgold-reduces-executive-team-b...
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