The Newcrest Mining Ltd (ASX: NCM) share price is one to watch closely on Thursday morning.
This follows the Australian gold miner’s announcement after market close yesterday of a change in senior management.
What did Newcrest announce?
In a statement to the ASX, Newcrest advised that its finance director and chief financial officer Gerard Bond will retire.
The departure of Mr Bond will take effect on 3 January 2022, making his a 10-year tenure in the role. Newcrest stated that it will begin looking for a replacement, with both internal and external candidates considered for the position.
Mr Bond underscored the company’s transformation strategy and noted it was now well placed to fund organic growth opportunities.
Newcrest managing director and CEO, Sandeep Biswas recognised Mr Bond’s leadership and service, saying:
Gerard is the longest serving member of the Newcrest executive committee and board and has materially contributed to Newcrest’s success. Gerard has been instrumental in orchestrating the turnaround of Newcrest, across all measures, over his tenure here.
Newcrest chair Peter Hay went on to add:
Gerard is highly respected by his fellow directors for his strong and insightful contribution as a director across the spectrum of matters considered by the board, and we are grateful that the length of notice he has given us of his retirement will facilitate a smooth transition.
While the decision to step away from the company was not given, Mr Bond’s exit could move Newcrest shares today.
Newcrest share price performance
Since August 2020, the Newcrest share price has been on a gradual decline, posting a loss of almost 30%. Year-to-date, however, its shares are relatively flat, sitting around a 2% gain for investors.
As Australia’s largest gold miner, Newcrest commands a market capitalisation of roughly $21.5 billion, with approximately 817 million shares outstanding.
Newcrest shares were swapping hands for $26.39 at the market close yesterday.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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