Newcrest Mining has announced that Managing Director and Chief Executive Officer (CEO), Sandeep Biswas, is retiring, with a global internal and external search for a new CEO underway, supported by executive search firm Russell Reynolds, and an appointment expected to be made next year.
Until a new CEO is appointed, Newcrest’s Chief Financial Officer (CFO), Sherry Duhe, will assume the role of Interim CEO, effective immediately.
Ms Duhe joined Newcrest in February 2022, bringing with her nearly three decades of experience across global energy and resource companies and previous leadership experience, having served as Chief Financial Officer at two ASX-listed companies.
Newcrest Chairman, Peter Tomsett, thanked Mr Biswas for his dedication and contribution since 2014, and for informing the Board of his intention to retire.
“Our company has strong financial fundamentals, a relentless focus on safety and an unrivalled international portfolio of long-life, low-cost gold and copper assets, all of which have been transformed during Sandeep’s tenure,” Mr Tomsett said.
“Today, we are Australia’s largest gold company, the biggest gold producer in British Columbia, and have a substantial presence in Papua New Guinea. We also have a meaningful and increasing exposure to copper – a resource vital to global decarbonisation efforts.
“As we look towards the future, it is an opportune time for fresh leadership to accelerate the evolution of our company and ensure we are best placed to make the most of the opportunities in front of us.”
Commenting on Ms Duhe’s appointment, Mr Tomsett said, “Sherry’s business acumen, strategic insights, track record of creating value and her focus on ensuring Newcrest is a great place to work means she is well placed to serve as Interim CEO.
“Exciting times lie ahead for Newcrest as we continue to grow profitability, lead the way in innovation and sustainability, and deliver a safe workplace where everyone can thrive and excel.”
Mr Biswas will remain available in an advisory capacity during the CEO transition period, ahead of his retirement on 18 March 2023, with his retirement as Managing Director taking effect as of 18 December 2022.
In line with the company’s executive succession planning, this process has been ongoing for some months and included conversations with Mr Biswas.
“Much has been achieved over the past nine years, which has only been possible because of the efforts of the very capable people who work at Newcrest and the strong partnerships built with the communities where we operate. I wish them all the best for the future,” Mr Biswas said.
“It has been an honour to lead this company and ensure safety and innovation have become ingrained into the very core of how we go about our business every day.”
Current Newcrest Group Treasurer, Dan O’Connell, has been appointed Interim CFO, effective immediately. Mr O’Connell is a senior executive with more than 20 years’ experience in finance, including more than a decade at Newcrest across accounting and finance, tax, business and commercial performance. He held roles at BHP Billiton and Ernst & Young prior to joining the company.
Chief Operating Officer (Americas), Craig Jones, will also assume responsibility for all of Newcrest operations on an interim basis effective immediately. Having held a number of executive and senior management roles, Mr Jones has led operations in Canada, Papua New Guinea, Indonesia and Australia since commencing at the company 14 years ago.
Mr Jones assumes this role with Chief Operating Officer (Australasia) Phil Stephenson leaving Newcrest, with effect from 31 December 2022.
To provide continuity and ongoing support alongside the management team, Peter Tomsett will have increased involvement in the business during the transition period.
Mr Tomsett has broad gold mining and international business experience, having been an executive and non-executive director at a range of mining companies listed on the Australian, Toronto, New York and London stock exchanges.
This includes Placer Dome Inc, Kidston Gold Mines Ltd, Equinox Minerals Ltd and Silver Standard Resources Inc.
In recognition of his increased time commitment, Peter will receive additional director fees of up to AU$20,000 per month during the transition period.
“The Board has full confidence in the collective experience of our executive management team,” Mr Tomsett said.
“Together, we remain energised about the next stage of Newcrest’s evolution, building on the company’s past successes, and ensuring we deliver outcomes for our shareholders, for our people, and for our communities in both 2023 and beyond.”
