IAMGOLD Disbands Most Of Project Development Team; Cuts Executive Team By 40%

(RTTNews) - Recognizing the challenges of a lower gold price environment, IAMGOLD Corp. (IMG.TO, IAG) has reorganized its top executive leadership team. The company's executive team will be 40 percent smaller than it was previously. Other than select studies with critical timelines, work on major expansion and development projects will be considerably reduced. IAMGOLD will disband the majority of its Project Development team effective immediately. The company has decided to reduce a number of its corporate memberships, including withdrawal from the World Gold Council.

IAMGOLD said it is adopting a different project execution model for its Project Development group, who will engage third-party design and engineering teams on an as needed basis.

IAMGOLD is targeting a 10 percent overall reduction of corporate general and administrative costs in the 2015 budget as well as productivity and cost reduction initiatives at the Rosebel and Essakane mines.

Robert Carreau, Senior Vice President, Health, Safety and Sustainability; Denis Miville-Deschênes, Senior Vice President, Project Development; and Paul Olmsted, Senior Vice President, Corporate Development, will leave the the company to effect the changes. The reorganized corporate structure will be led by: Gordon Stothart, Executive Vice President and COO; Carol Banducci, Executive Vice President and CFO; Benjamin Little, Senior Vice President Corporate Affairs, People and Safety; Craig MacDougall, Senior Vice President Exploration; and Jeffery Snow, General Counsel and Senior Vice President, Business Development.