Centerra Gold Announces the Appointment of Paul Tomory as President and CEO

Rhea-AI Summary

Centerra Gold Inc. announced the appointment of Paul Tomory as President and CEO, effective May 1, 2023. Michael Parrett, Chair of the Board, expressed confidence in Tomory's leadership and technical expertise, highlighting his extensive experience in mining and engineering. Tomory previously served as Executive VP and Chief Technical Officer at Kinross Gold. He aims to leverage Centerra's strong balance sheet and operating assets to deliver sustainable value and growth. The company also acknowledged the contributions of former Interim CEO Paul Wright, particularly in advancing operations at the Öksüt Mine.

Positive

• Appointment of Paul Tomory as President and CEO expected to enhance leadership and strategic direction.
• Tomory's extensive experience in mining could lead to optimized performance and growth.

Negative

• Change in leadership may raise concerns regarding continuity during the transition period.

TORONTO, March 13, 2023 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) announced today that Paul Tomory has been appointed President and Chief Executive Officer, effective May 1, 2023.

Michael Parrett, Chair of the Board of Directors stated, “We are delighted to have Paul lead Centerra at this important stage of the Company’s journey. His leadership experience and record of strategically building and operating mines through all stages of the mining life cycle while ensuring a safety-first culture, will be extremely valuable to Centerra. He has a wealth of technical expertise that we believe will position the Company for future growth, bringing development assets into production and optimizing performance of Centerra’s existing assets.”

Mr. Tomory has over 25 years of experience in mining, engineering and construction. His most recent position was as Executive Vice President and Chief Technical Officer of Kinross Gold Corporation, where he worked for over 14 years in a series of progressive technical roles. Prior to Kinross, he worked in management consulting at Bain & Company and in a technical capacity with Golder Associates. Mr. Tomory is a professional engineer with a Master of Applied Science in Civil (Mining) Engineering from the University of Toronto and holds a Master of Business Administration from the University of Toronto’s Rotman School of Management.  

Mr. Tomory commented “I am excited to join the Centerra team. I believe that Centerra is uniquely positioned with a peer leading balance sheet and quality operating assets that generate significant free cashflow. I look forward to working with the Board and management teams to deliver sustainable value and growth.”

Mr. Parrett continued, “On behalf of all shareholders, I would like to thank Paul Wright for his continuing impactful leadership as the Interim President and CEO. In his short tenure, Paul has been instrumental in several areas including in furtherance of a restart of operations at the Öksüt Mine as well as initiating a restructuring of the Company’s head office, to name a few. We look forward to his continued insight, input and leadership on the Board of Directors.”

About Centerra
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. Centerra also owns the Goldfield District Project in Nevada, United States, the Kemess Underground Project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the TSX under the symbol CG and on the NYSE under the symbol CGAU. Centerra is based in Toronto, Ontario, Canada.

For more information:
Toby Caron	Shae Frosst
(416) 204-1694	(416) 204-2159
toby.caron@centerragold.com	shae.frosst@centerragold.com

Additional information on Centerra Gold is available on the Company’s website at www.centerragold.com and on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.

A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/61df2d47-4877-4ded-91c6-510523f0ed0b

FAQ

Who is the new CEO of Centerra Gold Inc. as of May 2023?

Paul Tomory has been appointed as the new President and CEO of Centerra Gold Inc., effective May 1, 2023.

What experience does Paul Tomory bring to Centerra Gold?

Paul Tomory has over 25 years of experience in mining, engineering, and construction, including leadership roles at Kinross Gold.

What did Michael Parrett say about the CEO appointment?

Michael Parrett, Chair of the Board, stated that they are delighted to have Paul Tomory lead Centerra, emphasizing his valuable leadership experience.

What is the focus of Centerra Gold Inc. under the new leadership?

Under Paul Tomory's leadership, Centerra Gold aims to optimize asset performance and generate sustainable growth.

What role did Paul Wright play before Paul Tomory's appointment?

Paul Wright served as the Interim President and CEO and was instrumental in various initiatives, including the restart of operations at the Öksüt Mine.