Dominion Diamond Corporation has announced that its Chief Executive Officer (CEO) Brendan Bell has decided to step down from his role as CEO and as a member of the Board of Directors. Bell will continue to handle the responsiblities as CEO till June 30, 2017, to allow for a successor to be identified and ensure a seamless transition in management.

Bell stated that the decision was based on “personal reasons”, adding that the Company’s decision to move its corporate offices to Calgary was “not the right move for my family”.

Bell said, “Both the Board of Directors and I agreed that this is an appropriate time for me to hand the reins to someone else. The decision to move the corporate offices of Dominion from Yellowknife to Calgary was necessary in order to reduce operating costs and support the long-term strength of the Company, and is one that I continue to support. For personal reasons, however, this is not the right move for my family. It has been a pleasure working with the Company’s senior management team, and I will continue to do so until a successor has been identified.”

Jim Gowans, Chairman of the Board of Directors, said, “On behalf of the Board, I would like to thank Brendan for his contributions to Dominion, in particular for the role he played in guiding the Company as Chief Executive Officer over the last several years. We wish him all the best in the future.”

He added, “The Board will be working closely with Brendan and the senior management team during the transition period, while the Company continues to focus on increasing shareholder value through improved operations, optimizing capital allocation and growth, and other strategic opportunities.”

Dominion also said that the Nominating & Corporate Governance Committee of the Board of Directors has begun the process of identifying potential candidates to assume the role of CEO, and has engaged Korn Ferry in this regard.