Hedge Fund Wins Exit Of Mining Co. CEO

Jun 12 2013 | 9:39am ET

The Clinton Group's proxy fight with Stillwater Mining may have ended in stalemate, but the hedge fund is winning the war.

Clinton's partner and one of its successful board candidates, former Montana Gov. Brian Schweitzer, was elected chairman. And now, CEO and former chairman Frank McAllister, who has been bitterly criticized by Clinton, has stepped down.

Clinton and Schweitzer had criticized McAllister for his focus on projects outside of Montana, including $500 million invested in Canada and Argentina. The two called for the abandonment of the Argentine project.

Stillwater shareholders elected Schweitzer and three other Clinton nominees last month. McAllister's retirement after 12 years at the helm leaves an evenly-split board of eight members.

The board has begun to seek a new CEO. Terrell Ackerman, vice president of corporate development, will lead the company in the interim.

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