Peter Grosskopf has agreed to join Sprott Inc. (TSX:SII) as CEO, effective September 7, the company announced Tuesday. He will also serve on the company’s board of directors.

Grosskopf will be responsible for developing and implementing its overall strategy with the objectives of maximizing shareholder value and benefitting investors in Sprott managed investment products. He will also strengthen the business activities of Sprott Consulting using his capital markets experience.

Kevin Bambrough will continue in his role as president of Sprott Inc. where he will focus on new investment strategies and supporting Grosskopf in corporate and business development activity. Bambrough will also remain as CEO of Sprott Consulting where he will be responsible for leading its operations and growth.

In conjunction with the appointment of Grosskopf, Eric Sprott will assume the position of chairman of Sprott Inc. and chief investment officer of Sprott Asset Management LP.

The current chairman of Sprott Inc. Jack Lee will serve as lead director, while Peter Hodson, senior portfolio manager at Sprott Asset Management LP, will be stepping down from the board of Sprott Inc. Hodson remains lead portfolio manager for the Sprott Growth Fund and chairman of Sprott Asset Management LP.

Grosskopf has over 23 years of experience in the Canadian financial services industry. Most recently, he was president of Cormark Securities Inc. Prior to joining Cormark, he was one of the co-founders of Newcrest Capital Inc., which was acquired by the TD Bank Financial Group in 2000. He has extensive experience as an advisor and underwriter to companies in a wide variety of sectors.

“Peter has the skills and experience necessary to manage the company’s growth initiatives. He will be instrumental in helping to build both new and existing businesses, expanding and strengthening our investment management team, establishing new global relationships and capitalizing on other strategic opportunities,” stated Eric Sprott.

“Peter will also provide additional depth to our executive management team and allow me to further focus on my role as chief investment officer of Sprott Asset Management LP and portfolio manager for a number of our funds.”

Eric Sprott has personally agreed to fund a deferred share incentive program for Grosskopf and Banbrough through his personal holding company. The program will provide Grosskopf with 5 million common shares of Sprott Inc. held by holding company over the next three years, and Bambrough with 3 million common shares of Sprott Inc. also over the next three years.

With this transfer of eight million common shares of Sprott Inc., the holding company’s ownership stake will be reduced by approximately 8%.

Grosskopf will also serve as president and CE0 of Sprott Resource Lending Corp., currently Quest Capital Corp.

IE