UPDATE 1-Miner Hudbay’s CEO Alan Hair steps down

(Adds details on proxy fight, share performance)

July 10 (Reuters) – Canada’s Hudbay Minerals Inc said on Wednesday Chief Executive Officer Alan Hair has stepped down after more than 20 years with the company, months after its second largest investor urged the miner to replace him.

As part of its proxy fight, private equity firm Waterton Global Resource Management, which holds 12.09% stake in the company as of May 3, had also nominated five directors to the company’s board.

Waterton and Hudbay settled its drawn out battle in May after the Canadian company agreed to elect a slate of 11 board members that included some of the nominees proposed by both parties.

Peter Kukielski will serve as interim-CEO, while the miner looks for a permanent boss.

The company’s shares have risen nearly 19% during the tenure of Hair as CEO, which started in 2016 after a four-year stint as chief operating officer.

Hudbay said the departure of Hair would not affect its strategic or financial outlook. (Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur)

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