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CCO Seeks Acquisition(s)

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https://business.financialpost.com/2011/06/30/new-ceo-at-cameco-seeks-acquisitions/

New CEO at Cameco seeks acquisitions

Daniel Acker/Bloomberg
Tim Gitzel, chief executive officer of Cameco Corp.
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Postmedia NewsJun 30, 2011 – 2:30 PM ET| Last Updated: Jun 30, 2011 2:34 PM ET
By Cassandra Kyle
SASKATOON — Tim Gitzel laughs when he shares a story about hearing sage words of advice from Cameco Corp.’s now retired chief executive, Jerry Grandey.
At the uranium company’s recent annual meeting, Grandey was asked what words of wisdom he has passed on to Gitzel, his successor.
“Quite frankly,” Gitzel said in an interview this week, “I don’t remember what his answer was at the time.”
But with a mentor like Grandey leading the way, the incoming chief executive said, it’s the actions one pays attention to, not the words.

“He didn’t have to give us a lot of advice,” Gitzel said. “I watched him every day. I watched him model the values of Cameco: Safety and environment, looking after the people, operational excellence and integrity.
“He modelled those every day, so he didn’t often have to say a lot.”
While the transition from one CEO to another comes with a certain amount of turbulence, Gitzel feels he’s ready to take his place in the chief executive’s chair. After all, he started working in Saskatchewan uranium mines at the age of 17.
Prior to joining Cameco in 2007, Gitzel had a long career with Areva — France’s main nuclear energy firm, which has a large Canadian mining subsidiary in the province. He moved up the corporate ladder with Areva, eventually working out of the firm’s headquarters in Paris while overseeing its worldwide mining business.
Gitzel came to Cameco in the role of vice-president and chief operating officer four years ago and was promoted to president in 2010.
Aside from his years in the business, Gitzel said the nerves that come with becoming Cameco’s chief executive are eased by knowing he’ll be leading a strong team.
“I’ve got a great team of people working with me. The company is never about one person, it’s about a real collection of individuals and we have over 3,000 very strong, qualified people.
“And, I’ve got an executive team around me that’s very strong as well, so that certainly helps calm the nerves going forward,” he said.
Gitzel describes his management style as people-focused, saying he will continue to support the company’s leadership development program.
On the business side, he said Cameco will maintain its so-called Double U strategy, in which the firm aims to double its uranium production from its existing assets to 40 million pounds annually by 2018.
Work at Cameco’s operations and projects in northern Saskatchewan, the United States, Australia and Kazakhstan will continue to progress. Highly qualified teams are in place at the sites and are working to expand the assets, he said.
But Gitzel’s move to the CEO’s office doesn’t mean the status quo will continue at the company. The new boss didn’t get specific, but said there is change on the way for the nuclear energy firm.
“I will make a few changes around that you’ll see, that you’ll hear from us over the next few weeks and months, but that would be normal for any incoming CEO,” he said.
Meanwhile, Cameco’s business development group remains busy searching for Cameco’s next big deal. Gitzel said should the right opportunity present itself, the firm won’t shy away. The company’s corporate eyes are always looking.
“We’re doing that now, especially in light of the circumstances where some of the valuations of both projects and companies have dropped over the past month,” he said. “We’re working on that and we’re ready to move if we find the right set of circumstances.”
Gitzel’s confidence is obvious as he heads into the top job at Cameco.
“I’m ready to go and I think our teams are ready and we’re excited about the future,” he said.