IAMGold (NYSE: IAG), the Canadian gold mining company, announced Monday that its CEO will surprisingly depart the company, effective Jan. 15.
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President and CEO Joseph Conway, who joined the company in 2003, said that it was an appropriate time for him to step down.
The company has started a search for his successor. Peter Jones, a director, will be acting CEO until a permanent successor is named.
The news comes as the company has been expanding its business scope. In October, it said it expects to spend $56 million this year in gold explorations, up from last year's $50 million as it pursues opportunities in Suriname and Mali. IAMGold also operates in Quebec and Brazil.
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