NEW YORK (AP) â¿¿ Shares of Jaguar Mining Inc. fell Wednesday after the gold producer said its president and CEO has stepped down with no replacement.
THE SPARK: Daniel Titcomb's resignation was effective Tuesday. The company said Chairman Gary German and two other board members, Gil Clausen and John Andrews, will work together to fulfill the duties of the CEO.
THE BIG PICTURE: Jaguar is a Brazilian gold producer founded in 2003. Titcomb had been with the company since it was founded in 2003. Jaguar didn't say why he stepped down.
German was director and chief operating officer of Canadian miner TVX Gold Inc., among other industry roles. Clausen is the president and CEO of August Resource Corp. and Andrews owns his own consulting group and previously served as president at Stillwater Mining Co.
The company said in November that the three would oversee the company's strategic direction.
SHARE ACTION: After trading as low as $6.36 earlier in the day, Jaguar shares lost 76 cents, or 10.5 percent, to $6.48 in late afternoon trading. The stock has traded between $4.03 and $8.18 in the past year.