look like another hit to hui tomorrow?
conflict of interest?
Hecla Director Steps Down
COEUR D'ALENE, Idaho, Oct 21, 2002 (BUSINESS WIRE) -- Hecla Mining Company (NYSE:HL) (NYSE:HL-PrB) today announced that David Christensen, a director at Credit Suisse First Boston (CSFB) in Toronto, has resigned his position as a board member of Hecla.
Christensen stepped down from his position on the board to avoid any appearance of potential conflict of interest resulting from his research analyst position with CSFB. He took the position with CSFB subsequent to his election to Hecla's Board of Directors in May 2002.
Christensen said, "I deeply regret the necessity of resigning from Hecla's board, but in today's corporate governance climate, it is the most prudent thing to do. I've greatly enjoyed working with the people at Hecla and had hoped to be able to contribute to the continued success of the company." Hecla Chairman and Chief Executive Officer Arthur Brown said, "I'm very sorry to lose David as a board member. I think he would have continued to be an excellent director, but I understand the conflict with his current situation, and concur with his decision in light of heightened sensitivity in the marketplace."
Christensen was one of two directors elected by Hecla's Preferred B shareholders last May. His resignation is effective immediately. Hecla is reviewing the options and procedures relating to a vacancy of a preferred directorship. Hecla's board of directors now has eight members, most with long experience in the mining industry or other natural resource industries.
Hecla Mining Company, headquartered in Coeur d'Alene, Idaho, mines and processes silver and gold in the United States, Venezuela and Mexico. A 111-year-old company, Hecla has long been well known in the mining world and financial markets as a quality silver and gold producer. Hecla's common and preferred shares are traded on the New York Stock Exchange under the symbols HL and HL-PrB.
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