Hecla Announces Leadership Transition

Rhea-AI Summary

Hecla Mining Company (NYSE: HL) has announced a leadership transition with Catherine J. “Cassie” Boggs appointed as the Interim President and CEO. Ms. Boggs, currently the Chair of the Board, succeeds Phillips S. Baker Jr., who is retiring after nearly 23 years of service. In addition to her new role, she will continue as Chair of the Board, and Charles B. Stanley will serve as Lead Independent Director starting May 23, 2024. Ms. Boggs will be supported by a committee of senior executives. The Board has initiated a search for a permanent CEO.

Ms. Boggs brings over 40 years of mining industry experience, including roles at Resource Capital Funds, Barrick Gold , and Tethyan Copper Company. The company assures that day-to-day operations will remain unaffected during the transition.

Positive

• Appointment of Catherine J. 'Cassie' Boggs, an experienced leader, as Interim President and CEO.
• Continued leadership by a committee of senior executives during the transition.
• Immediate search for a permanent CEO, indicating proactive planning.
• Charles B. Stanley appointed as Lead Independent Director starting May 23, 2024.
• Ms. Boggs has over 40 years of experience in the mining industry.

Negative

• Retirement of Phillips S. Baker Jr. after nearly 23 years could lead to temporary uncertainty.
• Interim leadership may cause concerns about long-term strategic direction.
• Potential disruptions during the search for a permanent CEO.

COEUR D'ALENE, Idaho--(BUSINESS WIRE)-- Hecla Mining Company (NYSE:HL) announced today that, effective immediately, its Board of Directors has named Catherine J. “Cassie” Boggs, Hecla’s current Chair of the Board, as Interim President and Chief Executive Officer. Ms. Boggs succeeds Phillips S. Baker Jr., who, after nearly 23 years of service, is retiring from the Company and stepping down from its Board. Ms. Boggs will continue to serve as Chair of the Board, and the Board also named Charles B. Stanley to serve as Lead Independent Director effective May 23^rd, 2024, and for as long as Ms. Boggs serves as interim President and CEO.

As contemplated by Hecla’s existing management succession plan, Ms. Boggs will be assisted in managing the affairs of the Company by a committee comprised of Russell Lawlar, Senior Vice President – Chief Financial Officer, Carlos Aguilar, Vice President – Operations, and Mike Clary, Senior Vice President – Chief Administrative Officer.

Ms. Boggs said, “I am grateful for the opportunity to take on the role of Interim President and CEO during this time of growth and innovation for our company, and I look forward to working alongside Hecla’s team of experienced operators and executives as we continue to deliver on our plans to create long-term value for shareholders.”

Ms. Boggs continued, “I would like to thank Phil for his years of service and valued contributions to Hecla and the silver industry overall. The Board will immediately begin a search for a new Chief Executive, and we are confident that we will find the right, highly qualified individual to lead Hecla.”

Ms. Boggs concluded, “Hecla’s day-to-day mining operations will carry on unabated with the talented and dedicated staff we have at all our operations and at our headquarters. Senior management and I will continue to support and guide our operations and personnel throughout this leadership transition.”

Ms. Boggs has over 40 years of experience in the domestic and international mining space. Most recently, she served as General Counsel at Resource Capital Funds from 2011 until her retirement in 2019. Previously, she worked for Barrick Gold Corporation, serving in a variety of leadership roles, including as the Chief Executive Officer of Tethyan Copper Company, interim President of the African Business Unit, and as interim General Counsel of African Barrick Gold. She also has vast experience in due diligence, country and political risk assessments, and the structuring and implementation of risk mitigation strategies. Ms. Boggs is a director of Capital Limited (an international mining services company) since September 2021 and is an Adjunct Professor at the University of Denver, Sturm College of Law.

ABOUT HECLA

Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523250860/en/

Anvita M. Patil, Vice President – Investor Relations and Treasurer

Cheryl Turner, Communications Coordinator

800-HECLA91 (800-432-5291)

Investor Relations

Email: hmc-info@hecla.com

Website: www.hecla.com

Source: Hecla Mining Company

FAQ

Who is the new Interim President and CEO of Hecla Mining (NYSE: HL)?

Catherine J. 'Cassie' Boggs has been appointed as the Interim President and CEO.

When did Phillips S. Baker Jr. retire from Hecla Mining (NYSE: HL)?

Phillips S. Baker Jr. retired effective immediately as of the date of the announcement.

What is Catherine J. Boggs' role in Hecla Mining (NYSE: HL)?

Catherine J. Boggs is the Interim President and CEO and continues as Chair of the Board.

Who will serve as Lead Independent Director of Hecla Mining (NYSE: HL)?

Charles B. Stanley will serve as Lead Independent Director effective May 23, 2024.

What experience does Catherine J. Boggs bring to Hecla Mining (NYSE: HL)?

Ms. Boggs has over 40 years of experience in the mining industry, including leadership roles at Resource Capital Funds and Barrick Gold

Will Hecla Mining's (NYSE: HL) operations be affected by the leadership transition?

The company assures that day-to-day operations will remain unaffected during the transition.

What steps is Hecla Mining (NYSE: HL) taking to find a permanent CEO?

The Board has initiated an immediate search for a new, highly qualified Chief Executive.