TORONTO, March 8, 2019 /CNW/ - Labrador Iron Ore Royalty
Corporation ("LIORC") today announced senior management
changes. William H. McNeil is
stepping down as President and CEO of LIORC and John F. Tuer has been appointed the new
President and CEO. Mr. McNeil has expressed a desire to
reduce his workload and transition out of his present
position. He observed that the role of the CEO of LIORC has
changed significantly over the course of his tenure, both as
relates to the relationship with Iron Ore Company of Canada ("IOC") and as relates to LIORC's major
shareholders. The workload of the CEO has become more demanding and
a broader skill set is now required. The Board of Directors
of LIORC believes that Mr. Tuer has the knowledge, experience and
leadership skills to guide LIORC going forward. Mr. Tuer will
be focusing on the preservation of LIORC's assets, notably
overseeing the renewal of the leases which are the basis for
LIORC's royalty stream; dealing with the uncertainty surrounding
ownership of IOC; supervising the administration of LIORC; handling
shareholder relations; and managing capital markets
matters. Mr. Tuer has prior careers in investment banking and
law.
It is expected that William J.
Corcoran will step down as Chairman of the Board of LIORC
after this year's annual meeting and Mr. McNeil will be appointed
the new Chairman at that time. Mark
J. Fuller, an independent director, is expected to assume
the role of Lead Director.
The Board of LIORC believes that Mr. Tuer and Mr. McNeil
complement each other and will make an effective leadership
team.
Mr. McNeil said, "I believe that a change in leadership at this
time is in LIORC's best interests and mine. I have the utmost
confidence in John succeeding me as President and CEO. LIORC will
benefit from his strong corporate and legal experience and I will
be pleased to work with John to promote LIORC's interests going
forward. I will continue to monitor the performance of IOC and
developments in the iron ore industry for LIORC."
Mr. Tuer said, "I am pleased to take on this leadership role at
LIORC. I have worked closely with Bill over the last year. I
believe the skills that we each bring to the management of LIORC
are complementary and I very much look forward to continuing that
close partnership going forward."
SOURCE Labrador Iron Ore Royalty Corporation