IAG - Shareholder RCF to nominate three directors to Iamgold board

Iamgold (IAG +5.6%) bounces off four-month lows after activist shareholder RCF Management said it will nominate at least three directors to the miner's board, believing "immediate leadership change is required to address massive value destruction and chronic underperformance." RCF said it has "lost all faith in the current board during the past two weeks of our engagement... We no longer trust the current board to make any material decisions on Iamgold's future leadership that reflect the best interests of its shareholders." Resource Capital Fund VII, which is managed by RCF Management, owns 5.2% of Iamgold shares. The RCF letter follows the recent departure of CEO Gordon Stothart from his role and the board, and Chairman Don Charter retired from the board in recent days.

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Shareholder RCF to nominate three directors to Iamgold board