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.
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