Prosperity Saskatchewan

Once more Karnalyte Resources shuffles CEO #potash

Once more Karnalyte Resources shuffles CEO
By: Henry Lazenby
24th September 2014
TORONTO ( – Saskatchewan-focused potash project developer Karnalyte Resources on Wednesday announced a second change in top management this year, adding that it had launched a search for a permanent president and CEO, which it expected to appoint in the next two months.
TSX-listed Karnalyte, which is looking for cash to build its flagship Wynyard carnallite project, reported that chairperson Bruce Townsend would immediately replace Thomas Drolet as president and CEO.
Karnalyte only last month made Drolet’s title as CEO permanent, dropping his acting status. He replaced company founder Robin Phinney in May, following Phinney’s abrupt departure.
Drolet had also resigned from the board and Jay Sujir of Vancouver was appointed in his place with immediate effect. Sujir is a corporate, securities and natural resources lawyer with experience in advising and assisting public companies in Canada.
Last week, Stonegate Agricom, which was developing a phosphate mine in Idaho, announced that CEO Mark Ashcroft had resigned, with co-chairpersons Ian McDonald and Kerry Knoll taking over CEO duties on an interim basis.
Earlier this month, Arianne Phosphate, which was developing the Lac a Paul phosphate/titanium deposit, in Quebec, said Brian Kenny had resigned as CEO, but would stay on as a consultant to cut capital and operating spending, with executive chairperson Pierre Fitzgibbon taking over the job of finding a strategic partner or investor to buy the company.