The latest in the Baja Mining Corp. (TSX:BAJ) saga is this morning's announcement that John Greenslade has resigned as a director, president and CEO of the company he founded.
The past few months have seen a flurry of boardroom drama at Baja with the company's biggest investor, Mount Kellet Capital Management LP, initiating a heated proxy battle, demanding representation on Baja's board and calling for Greenslade's resignation amidst allegations of nepotism, cronyism and financial improprieties.
In April, three directors resigned from Baja's board when cost overruns and financial shortfalls were revealed at the company's Mexican mine.
However, last week, two of those directors, Wolf Seidler and Tom Orgyzlo, returned to the board along with two of the proxies Mount Kellett had lobbied for.
Their return hinged on the new board removing Greenslade as CEO.
With Greenslade out, Baja's board has started the search for a new CEO. Ogryzlo has been appointed to fill the position in the interim.
According to a press release, the reconstituted board is assessing Baja's financing needs and is seeking a solution to its problems. A special committee has been formed to consider Baja's financing alternatives.
