08:19 AM EDT, 07/23/2024 (MT Newswires) -- Triple Flag Precious Metals ( TFPM ) said Tuesday that Sheldon Vanderkooy will succeed Shaun Usmar as CEO and director.

The appointment will take effect following the departure of Usmar, who is stepping down to assume a new leadership role with a major diversified mining company.

The transition is expected to be finalized in the fourth quarter.

Vanderkooy is a founding member of the Triple Flag team since its inception in 2016.

"I am proud to have been part of Triple Flag's growth from a startup in the royalty and streaming space to a significant player with sector-leading [gold equivalent ounces] growth and a track record of strong shareholder returns under Shaun's leadership," Vanderkooy said. "I am highly committed to continue creating shareholder value through increasing [net asset value] per share and cash flow per share."

Triple Flag's share price inched down 0.9% yesterday to $21.81.