8-KLeadership Changes

NEWMONT Corp /DE/ 8-K Report, Executive Changes (Dec 3, 2012)

Filed December 3, 2012For Securities:NEMNEMCL

Summary

This 8-K filing by Newmont Mining Corporation announces a significant leadership transition. Effective March 1, 2013, Gary J. Goldberg, currently President and Chief Operating Officer, will assume the role of President and Chief Executive Officer, succeeding Richard T. O’Brien. Mr. O’Brien will continue as CEO and a board member during this transition period, departing the company on March 1, 2013. This change signals a new era for Newmont under Mr. Goldberg's leadership, who brings extensive experience from a long career in the mining industry, including significant tenure at Rio Tinto. Investors should monitor how Mr. Goldberg's strategic vision and operational expertise will influence the company's future performance and growth initiatives. The filing also details Mr. Goldberg's executive compensation package, including his base salary, incentive targets, and severance/change of control benefits, which are designed to align his interests with those of the company and its shareholders.

Key Highlights

  • 1Gary J. Goldberg appointed President and Chief Executive Officer, effective March 1, 2013.
  • 2Richard T. O’Brien will transition from CEO and depart the company on March 1, 2013.
  • 3Gary J. Goldberg has extensive mining industry experience, including 30 years at Rio Tinto.
  • 4Goldberg's new role includes a base salary of $1,075,000.
  • 5Annual incentive targets for Goldberg are 150% of base salary (short-term) and 500% of base salary (long-term).
  • 6Goldberg will be eligible for the Executive Change of Control Plan and Executive Severance Plan.
  • 7Richard T. O’Brien will receive severance benefits in accordance with the Company’s Executive Severance Plan.

Frequently Asked Questions

Gary J. Goldberg, who is currently the President and Chief Operating Officer, will become the new President and Chief Executive Officer, effective March 1, 2013. Richard T. O’Brien will transition out of his role and depart the company on the same date.

Gary J. Goldberg is 53 years old and has 30 years of experience in the mining industry. He joined Newmont in December 2011 and was promoted to President and Chief Operating Officer in July 2012. Prior to Newmont, he spent 30 years at Rio Tinto plc in various senior roles within their metals and minerals businesses.

Effective March 1, 2013, Mr. Goldberg will have a base salary of $1,075,000. He is eligible for annual short-term incentives (cash bonus) with a target of 150% of base salary and long-term incentives (equity bonus) with a target of 500% of base salary. He will also participate in the Executive Change of Control Plan and Executive Severance Plan, and general senior executive benefit programs. His role as an employee-director on the Board will not result in additional compensation.

Yes, Richard T. O’Brien will receive severance benefits in accordance with the Company’s Executive Severance Plan at the E1 level.