Sprott CEO Peter Grosskopf said Marc Faber has resigned effective immediately as an independent director of the board following the publication of a racially charged report.

Faber, an investor known for his bearish market calls and an occasional guest on CNBC and other financial media, wrote in his latest newsletter that the U.S. is great primarily because it is ruled by white people.

Reached by phone Tuesday afternoon, after details of Faber’s column began circulating widely, Grosskopf said, “We were deeply disappointed to hear these remarks.” The board and management requested Faber’s resignation.

Sprott, a global asset manager with expertise in precious metals and natural resources, “had to take immediate action,” Grosskopf said, adding he first heard about it this morning when he was pulled out of a meeting in Los Angeles to address the issue.

Faber was a director of Sprott since 2010. “We were shocked to learn he has ever thought this way,” Grosskopf said.

Separately Ivanhoe Mines spokesman Bob Williamson had no comment. Faber is also a director on that company’s board. A spokeswoman for NovaGold, another company where Faber serves as a director, wasn’t immediately available.

A CNBC spokesperson said the network does not intend to book Faber in the future.

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