Freehold Royalties reports unexpected resignation of CEO Thomas Mullane

Freehold Royalties Ltd. says President and CEO Thomas Mullane has resigned. Getty Images

Calgary-based Freehold Royalties Ltd. says its president and CEO, Thomas Mullane, has resigned effective Wednesday, without saying why.

It says chief operating officer David Spyker has been appointed to the role on an interim basis until a permanent CEO is hired.

In a report, CIBC Capital Markets analyst Jamie Kubik says the event comes as a surprise but likely won’t affect the company’s business strategy.

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Mullane joined Freehold in 2012 and was appointed president and CEO in 2013, while Spyker joined Freehold as vice-president of production in 2016 and was appointed chief operating officer in March 2019.

A Freehold spokesman declined to comment on why Mullane is leaving the company.

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Freehold earns revenue primarily by collecting royalties from companies that explore for and produce oil and gas on lands where it holds the petroleum mineral rights.