Codelco financing fuels political heat
Jun 09, 2014 | 03:29 PM
| Andrea Hotter
NEW YORK Financing for Chiles state-owned Corporación Nacional del Cobre de Chile (Codelco), a matter of national political debate for decades, likely contributed to the departure of chief executive officer Thomas Keller.
The companys board removed Keller after an extraordinary meeting last Friday (amm.com, June 6). Five members were in favor of his removal, three members opposed and one abstained, according to a filing with Chilean securities and insurance regulator SVS.
However, sources close to the situation said Keller had already resigned after a difference of opinion with the board over the copper miners direction, particularly its funding.
It doesnt really matter who flinched first; the end-result is that Keller will leave June 13, leaving the company to begin searching for a replacement.....
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