BASIC PROBLEM - IAMGOLDOne of the basic problems facing IAMGOLD is that all the men on the Board of Directors are in their 60’s and 70’s, and that’s not a good recipe to deal with all the upcoming issues facing IAMGOLD. All these individuals are short term visionaries, just waiting for their next cheque and the annual Shareholders Meeting so they can issue themselves more shares and options! Just imagine they’ve been on the payroll for years receiving their monthly salary and benefits for mediocre performance. Sadly, they have focused on self-preservation at the expense of the shareholders.
The company is in dire need to have mining executives that think long term and set objectives and goals that focus on profitability, growth and align their interests with the shareholders. Under the leadership of these executive officials, these ideals have been completely lacking for years because they do not have the fortitude to change the direction of the company and more importantly time is not on their side! At this stage of their careers, you would think that they would be more concerned with their health, family and friends rather than earning a few extra dollars at the expense of the company.
IAMGOLD has many valuable assets and the company must have leaders that can optimize the asset values and make the corporation a premier mid-tier gold mining company. To achieve these goals, change is warranted at the top of the organization so we can have a win-win outcome for the company and its shareholders.
Despite all the shananigans that we suffered under the regime of Mr. Stephen Letwin and his two deputies, I remain the eternal optimist and see a brighter future ahead. Investors have faith; our investments will survive and flourish…