Tom Palmer to Succeed Gary Goldberg as Newmont Goldcorp’s Chief Executive Officer on October 1
July 23 2019 - 4:05PM
Business Wire
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont
Goldcorp or the Company) today announced that, effective October 1,
Tom Palmer, President, will succeed Gary Goldberg to become the
Company’s President and Chief Executive Officer and join the Board
of Directors. As previously announced in January, Mr. Goldberg will
retire from Newmont Goldcorp after more than seven years of
exemplary service transforming the Company into the world’s leading
gold business as measured by assets, prospects and talent. From
October 1, 2019 through March 31, 2020, Mr. Goldberg will serve as
Executive Advisor to support Mr. Palmer and the Executive
Leadership Team.
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Tom Palmer, Newmont Goldcorp's President
(Photo: Business Wire)
“Working closely with Gary over the last five years, Tom and our
experienced team are the right leaders to continue executing
Newmont Goldcorp’s proven strategy, and to take the Company’s
performance to higher levels,” said Noreen Doyle, Chair of Newmont
Goldcorp’s Board of Directors. “Tom’s deep understanding of the
business, decades of mining experience, and skill in building
high-performing teams will ensure Newmont Goldcorp continues
delivering superior business results for our shareholders and other
stakeholders. I and the Board are grateful to Gary for his
exceptional leadership and the foundation he has built positioning
Newmont Goldcorp as the sector’s standout leader in long-term value
creation.”
Since May of 2016, when Mr. Palmer was appointed Executive Vice
President and Chief Operating Officer – with more than 85 percent
of the Company’s workforce reporting to him – Newmont Goldcorp has
generated more than $2 billion in free cash flowi and commissioned
two new mines and six expansions on four continents, on or ahead of
schedule and within or below budget. Mr. Palmer has also played a
central role in leading the Newmont Goldcorp integration and the
establishment of the joint venture with Barrick in Nevada.
“I’ve known Tom for more than 17 years and have had the pleasure
of working closely with him to achieve superior operational
performance and lead the gold sector in profitability and
responsibility,” said Gary Goldberg, Chief Executive Officer. “I’m
proud of what we accomplished together and I know Tom is the best
person to continue delivering exceptional business results while
growing Newmont Goldcorp’s margins, Reserves and Resources. I have
complete confidence in Tom’s ability, and I look forward to working
closely with him and our team to ensure a seamless and successful
transition.”
Prior to assuming leadership of Newmont Goldcorp’s operations
and projects in 2016, Mr. Palmer led the Company’s business in the
Asia Pacific region, which generated nearly 40 percent of Newmont’s
revenues at the time. His 25-year career in mining includes
leadership roles at Rio Tinto’s iron ore, coal, aluminum, copper,
and technology businesses where he gained extensive experience
leading global teams, and improving safety, profitability,
sustainability, diversity and inclusion.
“I am honored to succeed Gary as Newmont Goldcorp’s next CEO and
look forward to building on our many accomplishments to achieve our
shared vision and proven strategy,” said Tom Palmer, President.
“Not only is our business strong and healthy, Newmont Goldcorp’s
unmatched portfolio of world-class operations, projects,
exploration opportunities and talent will provide stable,
profitable and responsible production for decades to come. Going
forward, we will leverage our industry leading talent, balance
sheet strength, innovative technical solutions and sustainability
leadership to maximize performance at our world-class assets in the
world’s most favorable mining jurisdictions.”
About Newmont Goldcorp
Newmont Goldcorp is the world’s leading gold company and a
producer of copper, silver, zinc and lead. The Company’s
world-class portfolio of assets, prospects and talent is anchored
in favorable mining jurisdictions in North America, South America,
Australia and Africa. Newmont Goldcorp is the only gold producer
listed in the S&P 500 Index and is widely recognized for its
principled environmental, social and governance practices. The
Company is an industry leader in value creation, supported by
robust safety standards, superior execution and technical
proficiency. Newmont Goldcorp was founded in 1921 and has been
publicly traded since 1925.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the US Securities Act of 1933,
as amended, and Section 21E of the US Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws. Forward-looking
statements in this news release may include, without limitation,
expectations with respect to future value creation, prospects and
results of the business. Where a forward-looking statement
expresses or implies an expectation or belief as to future events
or results, such expectation is expressed in good faith and
believed to have a reasonable basis. However, such statements are
subject to risks, uncertainties and other factors, which could
cause actual results to differ materially. For a more discussion of
risks and other factors that might impact future looking
statements, see the Company’s Annual Report on Form 10-K for the
year ended December 31, 2018 under the heading “Risk Factors” filed
with the U.S. Securities and Exchange Commission (the “SEC”) and
the Company’s recent SEC filings, available on the SEC website or
www.newmontgoldcorp.com, as well as the Company’s other filings.
The Company does not undertake any obligation to release publicly
revisions to any “forward-looking statement,” including, without
limitation, outlook, to reflect events or circumstances after the
date of this news release, or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws. Investors should not assume that any lack of
update to a previously issued “forward-looking statement”
constitutes a reaffirmation of that statement. Continued reliance
on “forward-looking statements” is at investors’ own risk.
- Management uses free cash flow as a non-GAAP measure to analyze
cash flows generated from operations. Free cash flow is Net cash
provided by (used in) operating activities less Net cash provided
by (used in) operating activities of discontinued operations less
Additions to property, plant and mine development. Net cash
provided by (used in) operating activities for the same period was
over $4 billion. For a reconciliation of free cash flow, see the
“Non-GAAP Financial Measures” section of the Company’s Form 10-Q
filed with the SEC on the date hereof, or the Company’s most recent
earnings release, available on the Company’s website at
https://investors.newmontgoldcorp.com/reports-and-filings/.
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version on businesswire.com: https://www.businesswire.com/news/home/20190723005166/en/
Media Contact Omar Jabara
303.837.5114 omar.jabara@newmont.com Investor
Contact Jessica Largent 303.837.5484
jessica.largent@newmont.com
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