Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) President and CEO Don Lindsay has informed the company of his intention to retire, effective September 30, 2022, following 17 years in the role. In a press release, the Vancouver mining giant said Jonathan Price will succeed Lindsay as CEO, and Harry “Red” Conger will become President and Chief Operating Officer. Price and Conger will also become board members in what the company described as the culmination of a multi-year succession process.
Lindsay will assume the role of Executive vice-Chair until the second quarter of 2023 as a resource to management and the board and to support the transition.
Teck’s Class B common shares advanced on the news, rising 1.26% or 44 cents to $35.32 on volume of 438,430. The shares are currently trading in a 52-week range of $57.50 and $24.84.
Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the U.S., Chile and Peru.
It ranks as the world’s second-largest seaborne exporter of steelmaking coal, with six operations in Western Canada and significant steelmaking coal reserves. They include Elkview, Fording River, Greenhills and Line Creek in southeastern British Columbia.
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 said.
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
“It has been an honour and a privilege t 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, Lindsay said. “Together, we have built Teck into an industry leader in sustainable resource development, with world class operations, and an unmatched copper growth profile,’’ he said.
Price, the incoming CEO, is currently Teck’s Executive Vice-President and Chief Financial Officer. Prior to joining Teck in October 2020, he worked for BHP Billiton Ltd. [BHP-NYSE, BHPLF-OTCPK] 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.
Conger has served as Teck’s Vice-President and COO since joining the company in 2020. He previously held the role of President and COO – Americas with Freeport-McMoran Inc. [FCX-NYSE]. Conger brings a strong background in operations leadership, financial performance and delivering large-scale projects throughout the Americas. He will be responsible for operational performance and delivery of Teck’s major projects, including the final stages of QB2.