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UPDATE 1-HudBay board steps down; new CEO appointed

Mon Mar 23, 2009 8:26pm EDT

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* HudBay board steps down, replaced by SRM slate

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* Peter Jones named new CEO

NEW YORK, March 23 (Reuters) - HudBay Minerals Inc (HBM.TO) said on Monday its board of directors resigned and will be replaced by a slate put forward by dissident shareholder SRM Global Master Fund.

SRM launched the proxy fight after HudBay announced an C$800 million ($656 million) friendly takeover bid for Lundin Mining (LUN.TO) last fall.

Now, SRM has installed former HudBay Chief Executive Peter Jones in the company's top job. CEO Allen Palmiere stepped down last week and was replaced on an interim basis by Colin Benner.

G. Wesley Voorheis has been appointed chairman of the board.

Previously, SRM and other shareholders complained about the price that HudBay was paying for Lundin and the share dilution that would occur. HudBay shares had plunged on the deal.

HudBay canceled the transaction last month after the Ontario Securities Commission ruled it had to seek approval from its shareholders to issue the 153 million shares it was going to use to buy Lundin. ($1=$1.xx Canadian) (Reporting by Cameron French; Editing by Bernard Orr)

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