Yamana Gold names new CEO, creates executive chairman role

Daniel Racine

Daniel Racine was elevated to president and chief executive officer of Yamana Gold, the company announced today.

Racine, who previously served as executive vice president and chief operating officer, will take the position from Yamana founder Peter Marrone.

Yamana will be trying out a different leadership structure. Marrone will stay with the company and will assume the newly-created role of executive chairman. Responsibilities will be acting as liaison between board and management, executing strategy and overseeing capital spending. The executive chairman, Marrone, will also mentor the CEO, Racine.

Peter Marrone

Yamana describes the role as progressive steps.

"The creation of an Executive Chairman role is consistent with the company's ongoing review of management effectiveness and succession planning," the company said in a news release.

"The separation of the Chairman and CEO roles has been enabled by several years of progressive steps where management strength and the management construct have been enhanced . . . The new construct provides a continuity in approach, builds on the strong foundation in place, while leveraging the expertise of both Mr. Marrone and Mr. Racine."

Racine joined Yamana four years ago. Marrone founded Yamana Gold in July 2003.

Yamana Gold (NYSE:AUY) shares were largely unchanged at $3.02.