The company has appointed economic geologist Dr George Albino as independent chairman and said it would not replace the departing directors to make the board leaner and more concentrated. The changes were all effective January 1.

Eldorado has also decided to reduce total and individual director compensation "in keeping with peer group considerations".

The leaner board will be reconstituting its corporate governance and nominating committee, compensation committee and audit committee in the upcoming weeks and will also review its committee mandates and board policies.