After the market closed today, Golden Star Resources: GSS announced that President and CEO Peter Bradford would resign his executive positions and board membership at the end of 2007. According to the press release: “In making his decision, Mr. Bradford was strongly influenced by the need to devote more time to other personal interests and his growing family than he has been able to do over the last several years.” Chairman Ian McGregor said that “the Board deeply regrets Peter’s departure.”

We will find out tomorrow whether the market likes this news. On one hand, the departure is sudden and without a named successor. That suggests the possibility that another shoe may drop. On the other hand, Bradford was not liked by many shareholders and his departure may be applauded. Some are already speculating that his exit clears the way for a potential takeover. Bill Cara called GSS a takeover play last October, and others have echoed that sentiment.

For now, I am sticking with my long position in GSS. If you hear anything on the company, please leave a comment or drop me an email.

UPDATE (8/07):  That settles that.  With only a few minutes left to go in the trading day, it looks like GSS will settle down nearly 10%.   Will tomorrow’s earnings release and conference call be the proverbial “other shoe to drop”?  It looks like investors think so.

DISCLOSURE: Long GSS.

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