Petrina hands in resignation, Placer Dome seeks new CEO

The board of Placer Dome (TSE) is seeking a new president and chief executive officer to replace Tony Petrina who recently announced he will resign in mid-September.

A mining engineer, Petrina rose through the ranks with Placer Dome and its predecessor company, Placer Development, which he joined in 1960, to become senior vice-president and chief operating officer in 1987.

He was appointed to his current position in 1988, and oversaw a number of new mine projects that enabled the company to increase gold production to the current level of 1.8 million oz. Petrina was criticized for the company’s investment in the Mt. Milligan copper-gold project in British Columbia which the company subsequently wrote down by $266 million in 1991. Petrina succeeded John Walton who held the top executive position at Placer Dome before resigning when differences with the board arose over his plans for a mine financing house. Walton became top executive at Placer Development in 1985 and oversaw the merger with Campbell Red Lake Mines and Dome Mines that created Placer Dome in 1987.

Chairman Fraser Fell will perform Petrina’s duties on an interim basis if a replacement is not found before Sept. 15.

Petrina will become a vice-chairman and remain a director of Placer Dome, but intends to devote much of his time over the next two years addressing broader mining industry issues as the new chairman of the Mining Association of Canada.