Gold Reserve Ltd has appointed James Michael Johnston, a longtime director, as chairman of its board, following the departure of Robert Cohen after many years in the role.

The decision was approved during the company’s regular board meeting last Thursday and took effect immediately, the formerly Canadian-based mining company said in a statement from its Bermuda office.

Mr Johnston co-founded Steelhead Partners LLC in late 1996 to form and manage the Steelhead Navigator Fund. Before that, he was senior vice-president and senior portfolio manager at Loews Corp and co-managed more than $5 billion in corporate bonds and also managed an equity portfolio.

He began his investment career at Prudential Insurance as a high yield and investment-grade credit analyst and was promoted to co-portfolio manager of an $11 billion fixed-income portfolio in 1991.

He graduated with honours from Texas Christian University with a degree in finance and completed his master of business administration at the Johnson Graduate School of Business at Cornell University.

Gold Reserve said that Mr Johnston brought “extensive entrepreneurial and strategic decision-making experience” and would work closely with directors and senior management as the company advanced its strategic priorities.

Paul Rivett, the chief executive of Gold Reserve, said the board was confident about the appointment.

“We are pleased to welcome Michael as our new chairman,” Mr Rivett said. “His deep knowledge of our business and proven leadership make him ideally suited to guide the board as we continue to execute our strategy.”

He also thanked Mr Cohen for his long service.

“On behalf of the entire company, we thank Robert for his outstanding service as chairman and director,” Mr Rivett said.

Mr Johnston signed the announcement in his new capacity as chairman of the board.