Activist Plans to Push for Board Overhaul at Hudbay

One of the largest investors in Hudbay Minerals Inc. plans to nominate a majority slate of directors at the company’s annual general meeting and propose a new chief executive officer to improve performance.

Waterton Global Resource Management, which owns 10 percent of Hudbay Minerals, met Chairman Alan Hibben and director Sarah Kavanagh in November to discuss replacing board members, according to a letter to other shareholders reviewed by Bloomberg. Those talks have hit an impasse, the letter shows.