Golden Minerals Announces CEO Retirement and Replacement and Board Changes

Rhea-AI Summary

Golden Minerals has announced the retirement of CEO and President Warren Rehn, effective immediately. Rehn, who joined the company in 2012 and became CEO in 2015, will continue as a consultant. Pablo Castaños, currently Executive Vice President, will succeed Rehn as CEO and President and has joined the Board of Directors. Castaños, who previously worked with Golden Minerals and Goldcorp, has been preparing for this transition since July 2023. The company aims to reduce overhead costs and generate value from its projects in Argentina, Mexico, and Nevada.

Positive

• Appointment of Pablo Castaños as CEO and President, bringing prior experience with Golden Minerals and Goldcorp.
• Retiring CEO Warren Rehn will continue to contribute as a consultant, ensuring continuity in exploration and technical activities.
• Focus on reducing overhead costs and generating value from projects in Argentina, Mexico, and Nevada.

Negative

• Immediate retirement of long-time CEO Warren Rehn could cause short-term uncertainty among investors.
• The new CEO, Pablo Castaños, has been out of the mining industry for several years, which may raise concerns about his immediate effectiveness.

GOLDEN, Colo.--(BUSINESS WIRE)-- Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE American and TSX: AUMN) today announced the retirement of the Company’s Chief Executive Officer and President, Warren Rehn, effective immediately. Mr. Rehn joined the Company in 2012 as Vice President Exploration and was promoted to President in spring of 2015 and to CEO in September 2015. Mr. Rehn, age 69, has been contemplating retirement for some time. Mr. Rehn has also resigned his position as a Director of the Company. Mr. Rehn will continue to support the Company, advising on exploration and technical activities as a consultant.

Pablo Castaños, currently Executive Vice President, has been elected Chief Executive Officer and President of the Company and appointed to serve as a Director. Mr. Castaños joined the Company in July of 2023 and has been preparing for the role of President and CEO pending Mr. Rehn’s retirement. Mr. Castaños, a successful businessman, previously worked for Golden Minerals as vice president and director of corporate affairs from 2009 to 2013 before leaving to work for Goldcorp, Inc as director of environmental compliance and as vice president corporate social responsibility. Between 2016 and 2023, Mr. Castaños acted as a private investor in real estate development and construction.

Jeffrey Clevenger, Chairman of the Board, commented: “We wish to thank Warren for positioning the Company to move forward with a robust portfolio of exploration projects in Argentina, Mexico and Nevada. We are equally thankful that Warren has agreed to shepherd these projects on a consulting basis going forward. Pablo agreed to re-join the team last year with this appointment in mind. We welcome him back and will be supporting his work towards overhead cost reduction and value generation from our projects.”

About Golden Minerals

The Company is primarily focused on advancing its El Quevar silver property in Argentina, its Yoquivo gold-silver property in Mexico as well as acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.

For additional information please visit http://www.goldenminerals.com/ or contact:

View source version on businesswire.com: https://www.businesswire.com/news/home/20240618861135/en/

Golden Minerals Company

Karen Winkler, Director of Investor Relations

(303) 839-5060

Source: Golden Minerals Company

FAQ

Who is the new CEO of Golden Minerals?

Pablo Castaños has been appointed as the new CEO and President of Golden Minerals.

When did Warren Rehn retire from Golden Minerals?

Warren Rehn retired effective immediately as announced in the press release.

What are the changes in the Board of Directors at Golden Minerals?

Pablo Castaños has been appointed to the Board of Directors alongside his new role as CEO and President.

Which projects will Golden Minerals focus on under the new CEO?

Golden Minerals will focus on its exploration projects in Argentina, Mexico, and Nevada.

Will Warren Rehn continue to be involved with Golden Minerals after his retirement?

Yes, Warren Rehn will continue to support the company as a consultant, advising on exploration and technical activities.