Goldcorp management changes support new strategy

David Garofalo, the brand new chief executive of Goldcorp Inc., made his first big mark on Wednesday night because the company announced a series of management changes.

The moves were not an unexpected. Garofalo continues to be talking about decentralizing head office control at Goldcorp and giving the mine managers more accountability.

“This allows the organization to maneuver forward with a refreshed management team,” BMO Capital Markets analyst Andrew Kaip said in a note.

Michael Parkin of Desjardins Securities added the changes towards the corporate development team suggest Goldcorp isn’t likely to make a major acquisition anytime soon.

That would be consistent with Garofalo’s stated strategy. Goldcorp has been a serial acquirer during the last decade, but Garofalo really wants to concentrate on the company’s organic growth projects instead of M&A.