CEO Sandeep Singh says he was terminated after butting heads with the board of the company he helped turn around
chief executive Sandeep Singh was fired from the mining and streaming royalty company he helped turn around after clashing with the board.
Shares in the company immediately lost 10 per cent of their value amid the uncertainty and a vacuum of information. Under Mr. Singh’s leadership, Osisko, which had previously underperformed its peers, started to outperform. This year, the company’s share performance has handily beaten even Franco-Nevada Corp., the longstanding king of the royalty sector.
Osisko’s lead independent director Joanne Ferstman said in a release this week that the change in duties for Mr. Roosen was part of the company’s commitment to improved governance. Historically Osisko’s business model deviated from its competitors because in addition to purchasing royalties and streams, it also took direct stakes in junior miners, a strategy that hasn’t always worked. Under Mr. Singh’s leadership, the company has concentrated increasingly on becoming a pure play royalty company.
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