Senior management at Lac Minerals is remarkably youthful — the average age of those holding the seven top management positions early this year was 49 — but that hasn’t prevented a couple of key personnel from retiring, fuelling speculation that more fundamental changes are in store for the senior gold producer.
Earlier this year senior vice- president of exploration Dennis Sheehan, 52, retired after 22 years with the Lac group. Now, senior vice-president and general counsel Ian Hamilton, 48, has also retired according to senior vice-president and treasurer Rolando Francisco, 37.
Hamilton joined the Lac group in 1970 and coordinated the reorganization of the Little Long Lac group into one company in 1985. He is said to be close to Lac President Peter Allen, 47, who is the second largest shareholder of the company. The two share a friendship that goes back to their school days.
Allen is still at the helm of Lac. He joined the group in 1974 and eventually took over from his father, John C. Allen, as chairman and chief executive officer.
Neither Hamilton nor Sheehan are currently directors of the company, says Francisco, although both have served on the board of directors in the past.
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