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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV