Baja Mining Corp. (TSX: T.BAJ, Stock Forum) announced Monday that its chief executive officer John Greenslade has resigned. He has also stepped down from the board, the company said.
The move follows pressure from Baja’s biggest shareholder Mount Kellett Capital Management LP which, owns 20% of Baja, and has been pushing for a new CEO. As Stockhouse reported on April 24th, 2012, Baja investors took a big hit following the announcement of cost overruns at the company’s Boleo copper-cobalt-zinc project in Mexico.
Baja said it has started the search for a replacement. Meanwhile, Tom Ogryzlo has been named interim CEO until a successor is found. He will lead the company with chief financial officer Rowland Wallenius and chief operating officer Adam Wright.
Lorie Waisberg, who joined the board on May 6, 2012, has been appointed chairman of the board of directors, replacing Giles Baynham, who served as Baja’s chairman since January 2012.
Mr. Baynham continues to serve as a director of Baja.
Baja’s reconstituted board is assessing Baja’s financing needs and is actively engaged in seeking a solution, the company said.
Meanwhile, a special committee of the board, which does not include Mount Kellett nominee Stephen
Lehner, has been formed to consider Baja’s financing alternatives.
Further information will be provided on the status of Baja’s efforts as it becomes available, the company said in a press release.
Meanwhile, Mount Kellett has withdrawn the petition announced in its press release of May 4, 2012, and is among the parties who have entered into confidentiality agreements with Baja permitting them to conduct due diligence on Baja and its Boleo project.
Trading at 36 cents this week, Baja has a market cap of $122.4 million, based on 340 million shares outstanding. The 52-week range is $1.28 and 33 cents.