The Global Resource For Connecting Buyers and Sellers

Goldcorp management changes support new strategy

David Garofalo, the new chief executive of Goldcorp Inc., made his first big mark on Wednesday night as the company announced a series of management changes.

The moves were not a surprise. Garofalo has been talking about decentralizing head office control at Goldcorp and giving the mine managers more accountability.

“This allows the company to move forward with a refreshed management team,” BMO Capital Markets analyst Andrew Kaip said in a note.

Michael Parkin of Desjardins Securities added that the changes to the corporate development team suggest Goldcorp is not likely to make a major acquisition anytime soon.

That would be consistent with Garofalo’s stated strategy. Goldcorp has been a serial acquirer over the last decade, but Garofalo wants to focus on the company’s organic growth projects rather than M&A.