Toronto-based Sprott Inc. (TSX:SII) and Sprott Resource Corp. (TSX:SCP) Tuesday announced that, effective immediately, Steve Yuzpe has been named president and CEO of Sprott Resource Corp, replacing Kevin Bambrough.

Bambrough, who has left the organization to pursue other opportunities, joined Sprott in 2002, founded Sprott Consulting LP in 2006 and launched Sprott Resource Corp. in 2007. He was named president of Sprott in 2009.

“On behalf of both Sprott and Sprott Resource Corp., I would like to thank Kevin for his many valuable contributions to the Sprott organization,” said Peter Grosskopf, CEO of Sprott. “We wish him all the best in his future endeavours.”

Yuzpe has served as Sprott Resource Corp.’s chief financial officer and a member of the company’s investment team since 2009. He is currently the chairman of One Earth Farms Corp., as well as a director of One Earth Oil and Gas Inc. Yuzpe holds a Bachelor of Science, Engineering (Mechanical) degree from Queen’s University along with the Professional Engineering designation (P.Eng.) and a Masters in Business Administration from the Richard Ivey School of Business in London, Ont. He is also a Chartered Financial Analyst (CFA) charterholder.

“Steve is a key member of the Sprott Resource Corp. senior management team and has an in-depth understanding of its portfolio of investments,” said Peter Grosskopf, CEO of Sprott.

Terrence Lyons (currently lead director of Sprott Resource Corp.) will take over as chairman of the Sprott Resource Corp. board of directors. Lyons is the past chairman of Northgate Minerals Corp., the lead director and chairman of the Audit Committee of Canaccord Genuity Group Inc., as well as a director for several other public and private corporations.

Rick Rule and Peter Grosskopf have been named managing Ddrectors of Sprott Resource Corp. Rule is the chairman of Sprott US Holdings Inc. and is an internationally recognized resource investor with more than 30 years of experience in the industry. Grosskopf, who will continue to serve as CEO of Sprott Inc., has more than 24 years of investment industry experience.