Summary
Newmont Mining Corporation (NEM) has filed an 8-K report detailing a significant executive transition. Effective April 18, 2012, Guy Lansdown, Executive Vice President of Discovery and Development, will transition out of his leadership role. This filing indicates a restructuring of key operational and development functions within the company. Mr. Lansdown will continue with Newmont in a transitional capacity until August 15, 2012, and subsequently will serve as a part-time advisor. This transition involves the redistribution of his responsibilities, with Gary Goldberg, Executive Vice President and Chief Operations Officer, assuming oversight of Business Opportunity Development, Projects, Solutions, and Innovation. Exploration will now report directly to CEO Richard O’Brien, and Value Assurance will report to CFO Russell Ball. The company has also outlined transitional compensation for Mr. Lansdown, including a service payment and pro-rated bonus, reflecting his continued involvement and advisory role.
Key Highlights
- 1Executive transition: Guy Lansdown, EVP of Discovery and Development, is stepping down from his leadership position.
- 2Leadership changes: Responsibilities for Discovery and Development are being reallocated to other senior executives.
- 3Gary Goldberg (EVP & COO) will take over Business Opportunity Development, Projects, Solutions, and Innovation.
- 4Exploration function will now report directly to CEO Richard O’Brien.
- 5Value Assurance function will report to CFO Russell Ball.
- 6Transitional support: Mr. Lansdown will remain with Newmont in transitional duties until August 15, 2012.
- 7Advisory role and compensation: Mr. Lansdown will become a part-time advisor and receive a transition service payment of $1,012,550, plus a pro-rated 2012 bonus.