IAMGOLD Corp T.IMG

NEW FRONTIER - IMG BOD TEAM

[Luke555]

As a long-term shareholder, it’s a bloody shame and disturbing to watch the unfolding spectacle/saga going on within the IAMGOLD organization. The over-riding sentiment of the shareholders is total frustration.  In all my years in the mining business, I have never seen a mining company go out in the open market and hire five highly experienced and expensive mine specialists, some near retirement, all within less than a year. Admittedly, these individuals possess specialized knowledge and are in high demand. The leadership of IAMGOLD must have identified an urgent need to go out and hire all these talented people at any cost.

IMO, these new executive members of the BOD are well into or at the end of their careers and are the type of individuals that see a golden opportunity in joining IAMGOLD and they are going to take advantage of the debacle and jump on the bandwagon.  They are willing to risk their reputations for a handful of dollars. In the mining business these high price individuals are known as “Opportunist” and are available for the right price. They don’t stay around too long. They will load-up and leave the shareholders holding the bag. Another descriptive word is that they are nomads and they move around.

If you now add-up all the years of management experience at IAMGOLD you will be in the 150 to 200 year range of experience in the mining industry! What an amazing team. Isn’t this reassuring news for the drawn-out shareholders?  And this is the group (old school) that will be saddled with the task of dealing with the upcoming issues and challenges facing IAMGOLD and indeed the mining industry.

 One of the major concerns is that these people are strictly head-office personnel (academics) and they will add a significant amount of costs to the Head-Office Overhead- Executive Salaries account for years to come.  Aside from the increasing costs throughout the organization, labor shortages, continual reduction of the annual production guidance and working with a stagnant management group, the newly hired executive officers may have second thoughts about their decision to join the company after having a closer look at the inner workings of the corporation.  And that’s the tip of the iceberg! Time will tell…

The fortunes of the company could turn over on a dime if the responsible executive officers shook the organization and got rid of the BOD members at the top that are barely hanging on to their positions and contributing nothing to the welfare of the company. This decisive action would turn the company around and enhance the image and reputation of the corporation, have a direct impact on reducing costs, improve the prospect of making a profit and allow the company to declare dividend and solidify the future of the company.

Otherwise, the BOD will be one of the most expensive and largest in the mining industry for a mid-tier mining company. Let’s see those resignations…

FOOTNOTE:
This hiring spree (maybe more) of the latest highly paid five new members of the BOD remind me of an old western saga, “Where the top gunslingers were available to the highest bidder”. LOL

[Cashcow49]

and as I've said before large blocks are put up to stop advancement in price, 86200 manipulation so to bring stock down , they (shorts) need to bring bring it down to $3.00 range

[frances1]

I would love to know how much of the costs per ounce, which are industry high, are a function of the bloated mgmt team. I think the true number would be even higher if you could include compensation in form of sharea that if accounted for as not dilution but an expense would be even highter. Funny to see Dundee Precious Metals just announced another record quarter, costs are lowest in the industry

[Luke555]

The long serving executive charlatans have committed so many faux pas and expensive blunders at the expense of the shareholders over the past dozen years or so… Let’s hope that the executive charlatans don’t intend to set a new Guinness book of record for longevity with IAMGOLD. A recent comment by a frustrated shareholder appropriately tells the whole story about their abysmal performance over

[unclebobby]

Ya was over $20. But all miners were hot , so many investors have been burnt badly and will never return to miners don't know what will turn it around,

[Luke555]

Frances1, to answer your question, it’s almost an impossible task to quantify the cost impact, pain and suffering that the executive charlatans of IAMGOLD inflicted upon the shareholders over the past decade or so, with all their back-room deals. He had many opportunities to use some of the 1B dollars working capital to grow the company and pay dividend, but he rejected these concepts. What a

[Cashcow49]

absolutely 100% correct, but you can call and ask the ones that are there still collecting feeling like it owed to them sort of like cerb , ask Ford while your at it.

[Luke555]

Thanks for your comment. IAMGOLD went through a very difficult period during the 10 year era that Stephen Letwin was at the helm of the company. But, I think we should move forward and dwell on the future... However, there's one outstanding issue as you eluded too, the following two Executive Officers on the BOD: The Chair of the BOD – D. Charter (2003) and President & CEO G. Stothart