Plus   Neg

Mining Veteran Gary Goldberg Takes Over As Newmont CEO Succeeding O'Brien

Gold mining giant Newmont Mining Corp. (NEM) announced Friday that mining veteran Gary Goldberg will be president and take over as the new chief executive officer of the company, effective March 1. Goldberg will join the board and will succeed Richard O'Brien, who has stepped down as CEO and retired from the board of directors today.

Vincent Calarco, Non-Executive Chairman of the Board, said, "We congratulate Gary Goldberg on his appointment and welcome him to the Board. We are confident that Newmont is well positioned for the next stage of its growth and development and that Gary's deep and broad skill set and experience make him the right leader to take the Company forward."

Calarco added, "We thank Richard O'Brien for his loyal service to Newmont and for his many contributions to the Company's success over the past seven years, and wish him well for the future."

The Greenwood Village, Colorado-based company said the management change is in accordance with the succession plan it announced on December 3, 2012 in order to facilitate a smooth transition over the past three months.

Goldberg was most recently serving as the president and chief operating officer. He joined Newmont in December 2011 as executive vice president and COO, and bought with him 30 years experience in the mining industry. He was then promoted to president and COO in July 2012.

"My immediate priorities are to drive a more disciplined approach to capital allocation and to set and meet aggressive cost targets. My overall goal is to build on our superior asset base - including our portfolio, position and people - while attaining industry- leading practices in the areas of safety and social and environmental responsibility," Goldberg noted.

Goldberg joined Newmont after spending 30 years at Rio Tinto Plc (RIO,RIO.L) in several leadership positions in its gold, copper, coal, and industrial minerals businesses, including serving as president and CEO of Rio Tinto Minerals from 2006 to 2011, as well as president and CEO of Rio Tinto Borax from 2004 to 2006.

Goldberg also served as managing director of Coal and Allied Industries Ltd. from 2001 to 2004, and as president and CEO of Kennecott Energy from 1999 to 2001. Additionally, he served as chairman of the National Mining Association in the U.S. from 2008 to 2010.

O'Brien has served with the company over the last seven years, first as CFO and then five years as CEO.

Meanwhile, Australian drill manufacturer Boart Longyear Ltd (BOARF) said in mod-February that it has appointed O'Brien as its new CEO, effective April 1, 2013, five months after the surprising resignation of former CEO Craig Kipp in October 2012.

In Friday's regular trading session, NEM is currently trading at $40.09, down $0.20 or 0.50% on a volume of 1.90 million shares.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Follow RTT