The Board of Directors of Teck Resources Limited (TSX: TECK.A and
TECK.B, NYSE: TECK) (“Teck”) announced today that Don Lindsay has
informed them of his intention to retire as President and CEO of
Teck effective as of September 30, 2022, following an outstanding
17 years. Teck’s Board has unanimously appointed Jonathan Price to
succeed Don as Chief Executive Officer and Harry “Red” Conger as
President and Chief Operating Officer, also effective September 30,
2022. Mr. Price and Mr. Conger will also be appointed to the Board.
Mr. Lindsay has agreed to stay on into the second quarter of 2023
as a resource to management and the Board to support with the
transition in the role of Executive Vice Chair. This is the
culmination of a multi-year succession process.
“Don and the Board have been focused on succession for a number
of years. We are delighted to have been able to recruit Jonathan
and Red in 2020 and, under Don’s leadership, position them for
successful advancement into these roles,” said Sheila Murray, Chair
of Teck’s Board of Directors. "Jonathan is an internationally
recognized leader in the mining sector and brings the right
background, skills and experience to the role of CEO to further
advance Teck’s balanced growth strategy.”
“On behalf of the Board, I want to thank Don Lindsay for his
strong leadership, culminating with four consecutive record-setting
quarters. Don has transformed Teck and today the company is well
positioned for continued growth and value generation due to the
strategy and solid foundation he has built, and the experienced and
skilled leadership team he has put in place,” said Ms. Murray.
“Don’s commitment to health and safety and sustainability, and his
passion for the value that responsible resource development can
deliver to the world are deeply ingrained in Teck’s culture, and he
leaves an enduring legacy at all levels of the company.”
Mr. Price, incoming Chief Executive Officer, is currently Teck’s
Executive Vice President and Chief Financial Officer and is an
experienced executive with a proven track record spanning over 20
years in mining, capital markets, business development and finance.
Before joining Teck in October 2020, he worked at BHP for 14 years
in a variety of senior roles including Chief Transformation
Officer, Vice President Finance and Vice President Investor
Relations working in Asia, Australia, and the U.K. He has also
worked in the Metals and Mining team at ABN AMRO Bank, and
previously held various production and technical roles with former
Canadian mining company INCO.
Mr. Conger, incoming President and Chief Operating Officer
(COO), has served as Teck’s Executive Vice President and COO since
September 2020. Prior to joining Teck, Mr. Conger held the role of
President and COO – Americas with Freeport-McMoRan and brings a
strong background in operations leadership, financial performance
and delivering large-scale projects throughout the Americas. Red
will focus on operational performance and delivery of Teck’s major
projects including the final stage of construction at the QB2
copper project in Chile and advancing the QB Mill Expansion (QBME)
project and other copper growth pipeline projects.
“Red’s extensive global mining experience and track record of
operational excellence and successful project delivery is a perfect
fit for the role of President and COO as we move through this
transformational phase for Teck,” said Ms. Murray. “The Board looks
forward to working closely with Jonathan, Red and the entire senior
management team to execute on Teck’s transformation into a major
global copper producer to meet growing demand driven by the
net-zero transition, while providing long-term, sustainable value
for our shareholders and all stakeholders.”
“I am excited and energized by the opportunities ahead for Teck
to build on our existing strong foundation and position the company
for long-term success. We will continue to execute on Teck’s
strategy of balancing growth in copper with returning capital to
shareholders and generating benefits for our people and the
communities where we operate,” said Mr. Price.
“Teck has industry-leading growth potential with the impending
completion of QB2 and advanced copper pipeline projects including
QBME, Zafranal, and San Nicolas, which could be in production as
early as 2026. I look forward to continuing to work closely with
the talented teams across the company to deliver on that incredible
potential and responsibly provide essential metals and minerals to
the world,” said Mr. Conger.
“It has been an honour and a privilege to serve as Teck’s
President and CEO for the past 17 years, and to have the
opportunity to work alongside so many talented and dedicated
people,” said Mr. Lindsay. “Together we have built Teck into an
industry leader in sustainable resource development, with
world-class operations, and an unmatched copper growth profile.
Every day, our people and our products contribute to making the
world a better place. I am extremely proud of what has been
achieved during my tenure, and I look forward to supporting
Jonathan and Red as they lead Teck into its next phase of growth
and success.”
Mr. Lindsay has served as Teck’s President and CEO since 2005.
Under his leadership, the company has delivered record financial
and operational results, and returned significant capital to
shareholders. During his tenure, Teck significantly expanded its
resource base and production capacity and built one of the
strongest copper growth pipelines in the industry, including the
world-class QB2 copper project currently under construction in
northern Chile. The company most recently achieved record annual
revenues and earnings in 2021 and four record-setting quarterly
results through Q3/Q4 of 2021 and Q1/Q2 of 2022. He has driven
Teck’s commitment to sustainability, positioning the company as an
industry leader in ESG performance, including setting ambitious
sustainability targets such as net-zero GHG emissions by 2050 and
Nature Positive by 2030.
Crystal Prystai, currently Vice President and Corporate
Controller, will serve as interim Chief Financial Officer,
effective immediately, while a search to identify a new CFO is
undertaken.
Forward Looking StatementsThis news release
contains certain forward-looking information and forward-looking
statements as defined in applicable securities laws (collectively
referred to as “forward-looking statements”). These statements
relate to future events or our future performance. All statements
other than statements of historical fact are forward-looking
statements. The use of any of the words “will”, “estimate”,
“expect”, “could” and similar expressions is intended to identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements.
Forward-looking statements include statements regarding our
focus and strategy; our expectations regarding the completion of
and timing of first production from QB2, QBME, San Nicolas,
Zafranal, our advanced copper growth pipeline generally, and the
return of capital to shareholders; and our goals to achieve net
zero greenhouse gas emissions by 2050 and to become a nature
positive company by 2030, including the actions we intend to take
to achieve those goals and the expected impact or effect of those
actions.
These statements are based on a number of assumptions,
including, but not limited to, assumptions regarding the
development of our business; commodity prices; our ability to
realize value from our copper growth pipeline; the timing of the
receipt of regulatory and governmental approvals; positive results
from the studies on our expansion and development projects; the
development, performance and cost of technologies needed to advance
our goals; and general business and economic conditions. Factors
that may cause actual results to vary include, but are not limited
to, changes in general business or economic conditions or commodity
prices; inaccurate geological or metallurgical assumptions related
to our projects; and unanticipated difficulties in advancing our
projects and sustainability goals, including those related to
permitting and technology advancement.
Forward-looking statements are made as of the date of this news
release and, except as required by law, Teck undertakes no
obligation to update publicly or otherwise revise any
forward-looking statements. Further information concerning risks,
assumptions and uncertainties associated with these forward-looking
statements and our business can be found in our most recent Annual
Information Form filed under our profile on SEDAR (www.sedar.com)
and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as
subsequent filings that can also be found under our profile.
About TeckAs one of Canada’s leading mining
companies, Teck is committed to responsible mining and mineral
development with major business units focused on copper, zinc, and
steelmaking coal, as well as investments in energy assets. Copper,
zinc and high-quality steelmaking coal are required for the
transition to a low-carbon world. Headquartered in Vancouver,
Canada, Teck’s shares are listed on the Toronto Stock Exchange
under the symbols TECK.A and TECK.B and the New York Stock Exchange
under the symbol TECK.
Teck Media ContactChris StannellPublic
Relations Manager 604.699.4368chris.stannell@teck.com
Teck Investor ContactFraser PhillipsSenior Vice
President, Investor Relations and Strategic Analysis
604.699.4621fraser.phillips@teck.com
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