Goldcorp names Jeannes as its new CEO

Chuck Jeannes, who was named yesterday to replace Goldcorp Inc. chief executive...

Chuck Jeannes, who was named yesterday to replace Goldcorp Inc. chief executive officer Kevin McArthur in the new year, will stick with the company’s strategy of building low-cost production while protecting its balance sheet, Mr. Jeannes said in an interview. With $450-million in the bank and no debt, he said the company will not issue equity or take on debt beyond an undrawn $1.5-billion credit line. Small acquisitions will be pursued if the right candidate arises, he said. "Right now, there are opportunities out there, just based on the fact that the junior sector has largely underperformed the senior companies," he said. "So we’ve got our eyes open." The company said Mr. McArthur will retire effective Dec. 31 for personal reasons. G (TSX) rose $1.19 to $34.79.