Stornoway Names Patrick Godin as CEO

RAPAPORT... Stornoway Diamond Corporation has appointed a new CEO after reporting its third successive quarterly loss.  Patrick Godin, Stornoway's chief operating officer, willsucceed Matt Manson on January 1, the company said Wednesday. Stornoway recorded a net loss of CAD 37.6 million ($28.5million) for the third quarter after writing CAD 22.4 million ($16.9 million)off the value of its inventory, it reported in a separate statement. Thatcompares with a profit of CAD 2.3 million ($1.7 million) a year ago. Thedeficit came to CAD 84.5 million ($63.9 million) for the year to date afterlosses in each of the first three quarters. Revenue slumped 41% to CAD 29.4 million ($22.2 million) inthe third quarter as the miner sold goods that it produced during secondquarter, when ore grades at its Renard mine were relatively low. It has also suffered from a drop in demand for lower-value rough stones amid a slowdown in theIndian manufacturing sector. "We continue to see weakness in the diamond market,particularly in smaller and lower-quality items, and this has continued throughinto the fourth quarter," Manson noted. Manson has been president of Stornoway since March 2007, andadded CEO to his job title in January 2009. Image: Patrick Godin. (Stornoway Diamond Corporation)