Using aggressive deals, often with private parties, Marrone rolled-up a $4bn market cap in four years; shares are down 88 per cent from their peak
Yamana Gold's steely-eyed chairman Peter Marrone trained as a litigator. Marrone worked on one case, representing a woman charged with stealing fridge magnets. He decided to retrain, joining Canadian brokerage Canaccord in M&A. Since then he has pocketed some of the largest pay cheques corporate Canada has ever seen.
Tenacious, intense, relentlessly pursuing targets, flying constantly between Toronto and Europe, Marrone rose to head of investment banking at Canaccord, advising Frank Giustra and Ian Telfer, two of the biggest string-pullers in Canada’s fast-moving gold scene.
After a trip to Brazil in 2003, he tells The Globe & Mail, Marrone rolled-up his own company, Yamana Gold, using aggressive
deals, often with private parties, to build a $4bn market cap in four years. Weighed down by its own debt, shares have since fallen 88 per cent from their peak.
Having grown up outside Naples, before his family moved to Toronto in the 1960s, Marrone has joked that his relatives will one day take over the group. Former Agnico Eagle insider Daniel Racine is another contender. Racine joined in 2014 and is now CEO, selling Yamana’s Chapada copper-gold mine for $800m to meet debt repayments. “This now is a complete cleanup,” Marrone told The Financial Post.
Yamana’s largest remaining asset is Malartic in Quebec, Canada's largest gold mine, jointly-owned by Agnico. Further deals are on the table.