Colorado Springs, Colo.-based Gold Resource Corp. (NYSEMKT:GORO) will get a new CEO next month.

On Tuesday, Gold Resource announced that co-founder and Chief Executive Officer William Reid will step down from his post on Sept. 30, but remain Chairman of the Board. The next day, Oct. 1, his son Jason Reid will take over as CEO. Jason Reid joined the company in 2006, and is currently the company's President.

Bill Reid co-founded Gold Resource Corp. with David Reid in 1998.

Explaining its decision to promote Jason Reid, Gold Resources said in a statement: "The Board of Directors believes [Jason Reid] has been instrumental in managing the Company from its evolution as a precious metal explorer to a precious metal producer and dividend payer and will continue to provide a continuity of strategy, culture and vision for the organization."

In related news, Gold Resources announced that Bill Conrad, the company's longest-tenured independent director, will become Vice Chairman of the Board.

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