Management Changes Provide Complementary Leadership
Labrador Iron Ore Royalty Corporation
Management Changes Provide
Complementary Leadership
TORONTO
,
March 8, 2019
/CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC") today
announced senior management changes.
William H. McNeil
is stepping down as President and CEO
of LIORC and
John F. Tuer
has been appointed the new President and CEO. Mr. McNeil has
expressed a desire to reduce his workload and transition out of his present position. He observed
that the role of the CEO of LIORC has changed significantly over the course of his tenure, both as
relates to the relationship with Iron Ore Company of
Canada
("IOC") and as relates to LIORC's
major shareholders. The workload of the CEO has become more demanding and a broader skill set
is now required. The Board of Directors of LIORC believes that Mr. Tuer has the knowledge,
experience and leadership skills to guide LIORC going forward. Mr. Tuer will be focusing on the
preservation of LIORC's assets, notably overseeing the renewal of the leases which are the basis
for LIORC's royalty stream; dealing with the uncertainty surrounding ownership of IOC; supervising
the administration of LIORC; handling shareholder relations; and managing capital markets
matters. Mr. Tuer has prior careers in investment banking and law.
It is expected that
William J. Corcoran
will step down as Chairman of the Board of LIORC after this
year's annual meeting and Mr. McNeil will be appointed the new Chairman at that time.
Mark J.
Fuller
, an independent director, is expected to assume the role of Lead Director.
The Board of LIORC believes that Mr. Tuer and Mr. McNeil complement each other and will make
an effective leadership team.
Mr. McNeil said, "I believe that a change in leadership at this time is in LIORC's best interests and
mine. I have the utmost confidence in John succeeding me as President and CEO. LIORC will
benefit from his strong corporate and legal experience and I will be pleased to work with John to
promote LIORC's interests going forward. I will continue to monitor the performance of IOC and
developments in the iron ore industry for LIORC."
Mr. Tuer said, "I am pleased to take on this leadership role at LIORC. I have worked closely with
Bill over the last year. I believe the skills that we each bring to the management of LIORC are
complementary and I very much look forward to continuing that close partnership going forward."
SOURCE
Labrador Iron Ore Royalty Corporation
View original content:
http://www.newswire.ca/en/releases/archive/March2019/08/c1553.html
%SEDAR: 00030172E
For further information:
John F. Tuer, President & Chief Executive Officer, (416) 863-7133, E-
mail- [email protected]
CO: Labrador Iron Ore Royalty Corporation
CNW 08:10e 08-MAR-19