(Sharecast News) - Hochschild Mining said on Tuesday that Ignacio Bustamante plans to step down as chief executive officer on 26 August to relocate to London and assume a new role at another company.
The board has appointed Eduardo Landin, who has served as chief operating officer for 10 years, as Bustamente's successor.
Bustamente will continue to serve on the board, as a non-executive director, representing the company's largest shareholder, Pelham Investment Corporation.
Hochschild also announced that Rodrigo Nunes, currently director of Technical Services, will become the company's COO with effect from 26 August.
Chairman Eduardo Hochschild said: "The board and I want to thank Ignacio for his steadfast leadership during his 13-year tenure as CEO. During this period, we consolidated our Peruvian operations, developed the Inmaculada mine and more recently acquired the Mara Rosa project which will be Hochschild's first operation in Brazil.
"We have also achieved significant exploration success over the last decade at all our operations in Peru and Argentina. Ignacio's leadership has been exemplary, and we are grateful that he has decided to remain in his position during the final stages of securing the Inmaculada MEIA. We look forward to benefiting from his experience and knowledge of the company and our strategy as a non-executive director."
Hochschild (HOC)