Investors in Stillwater Mining had elected a board of directors nominated by shareholder Clinton Group. This serves as a confirmation that the miner needs houscleaning for its own good.
This was expected by the former Stillwater management and it even feared that a far larger number of nominees from activist investors would be elected. The management, as a means to placate the dissident vote, offered four seats on the board but Clinton had rejected the offer saying it would only gridlock the board as it would evenly split between insiders and dissidents. Now though, investors have given both the opportunity to prove their worth and both sides would be working with one another for the improvement of the company.
The biggest roadblock would be the continuation of the reign of Frank McAllister as Chairman and CEO of the mining firm. Clinton claims he is the source of th eissue, having mismanaged the firm in the past few years through search of gold and copper assets from Peregrine Metals, a purchase many deem as overpriced. The goal of the purchase was to move away from exclusive mining to include platinum and palladium.
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