Unwilling to Move, Canadian Diamond Company's CEO Stepping Down
Dominion Diamond Corp. announced that it has begun identifying potential candidates to succeed CEO Brendan Bell, who has agreed to serve until June 30. Moving the corporate offices from Yellowknife in the Northwest Territories to Calgary "is not the right move for my family," he said.
Dominion Diamond Corp., the the world's third-largest producer of rough diamonds by value, is looking for a new CEO. The company announced Jan. 30 that it has begun identifying potential candidates to succeed CEO Brendan Bell, who has agreed to serve until June 30. Moving the corporate offices from Yellowknife, capital of the Northwest Territories, to Calgary "is not the right move for my family," he said.
Dominion is involved with two diamond mines located in the Northwest Territories -- the Ekati Diamond Mine, which it operates, and the Diavik Diamond Mine, in which it has a 40 percent ownership interest. Diavik is described by the company as Canada's largest diamond mine in terms of carat production. Diavik is located on an island at Lac de Gras, Northwest Territories, about 300 kilometers from Yellowknife and 220 kilometers south of the Arctic Circle.
"Both the board of directors and I agreed that this is an appropriate time for me to hand the reins to someone else. The decision to move the corporate offices of Dominion from Yellowknife to Calgary was necessary in order to reduce operating costs and support the long-term strength of the company and is one that I continue to support. For personal reasons, however, this is not the right move for my family. It has been a pleasure working with the company's senior management team and I will continue to do so until a successor has been identified," Bell said.
Jim Gowans, chairman of the company's board, expressed the board's thanks to Bell. "We wish him all the best in the future. The board will be working closely with Brendan and the senior management team during the transition period, while the company continues to focus on increasing shareholder value through improved operations, optimizing capital allocation and growth, and other strategic opportunities."