(Bloomberg) -- Canada’s Lundin Mining Corp. said Chief Executive Officer Peter Rockandel has resigned and will be replaced by president and former director Jack Lundin.

The announcement marks the latest in a wave of leadership departures since the mining company moved its headquarters from Toronto to Vancouver in September, prompting several executives and managers to step down. 

Shares of Lundin Mining fell as much as 6.1% to C$9.13 Tuesday in Toronto, its biggest intraday drop since May.

Rockandel will leave his post at the end of the year and Lundin will assume the role on Jan. 1, the company said in a Monday statement. Rockandel will then continue to act as an advisor, according to the statement. 

Rockandel moved to Vancouver as part of the headquarter shift in September, but said in a Monday interview he plans to return to Toronto, where his family resides. 

“We wanted to ensure we got continuity over the next five years to carry out the next phase with the company,” he said. “I was willing to commit to two or three years, but to commit to five would be a bit of a stretch. Family’s important to me.”

Rockandel joined Lundin Mining in 2018 and served as senior vice president of corporate development and investor relations before being appointed CEO in 2021. During his tenure, the company acquired a majority interest in the Caserones copper mine in Chile and advanced several projects across South America. 

Lundin Mining produces copper and gold from mines in South America, including Chile, Brazil and Argentina, and gets about 65% of annual revenue from copper. The Lundin family trust owns about 15.4% of the company.

(Adds shares in third graph.)

©2023 Bloomberg L.P.