Retired PwC vet appointed CFO of Sierra Madre

Dive Brief:

The mineral exploration company Sierra Madre named PwC alum Kenneth Scott as its new CFO, effective immediately, the company announced Monday. Scott brings 33 years of experience in public auditing with him to his new role.
Scott is filling the shoes of previous CFO Kerry Spong, who will remain on the management team of the company, serving in new roles as both controller and corporate secretary.
“I am truly excited to join Sierra Madre during this transformative stage of its development,” said Scott. “The company has an outstanding portfolio of projects...Having the opportunity to work as part of the Sierra Madre team is a highlight for me and I look forward to helping the company achieve its goals of becoming a mid-tier silver producer.”

Dive Insight:

A veteran of the auditing world, Scott was previously a partner at PwC from 2006 until his retirement from the Big Four accounting firm in 2018. Since then, he has been a freelance consultant for Conscious VC, an early-stage investment firm, according to his LinkedIn.

The appointment follows the company’s acquisition in May of First Majestic’s La Guitarra, a high grade underground mine on the Southeast end of the Mexican silver belt. The agreement made First Majestic, a Canadian silver mining company, the largest stakeholder in Sierra Madre.

"We are delighted to have Ken accept the position of CFO as we build out our management team in preparation for operations at La Guitarra. Ken brings a wealth of experience and knowledge and will lead our accounting team as we transition to become a producing mining company,” said Sierra Madre President and CEO Alex Langer in a company statement Monday.

During his time at PwC, Scott was both the engagement leader and quality review partner (QRP) with mining companies that had international operations — including SSR Mining, Lundin Gold, B2Gold and Trek Resources. The new CFO’s portfolio also includes performing multi-location audits, as well as advising on mergers and acquisitions (M&A) and public and private financing.

The mineral exploration company has recently focused on the acquisition, exploration and development of the Tepic and La Tigra Properties in Nayarit, Mexico. The goal of these projects is to determine whether the properties contain commercially exploitable deposits of precious base metals, according to the company’s release.