Gold and copper heavyweights, Barrick Mining (TSX:ABX) and Newmont Corporation (ASX:NEM) made news this week with the respective resignations of CEOs, Mark Bristow and Tom Palmer.
Bristow, who had been with Barrick for nearly seven years following the merger with Randgold in 2019, resigned with immediate effect where the share price fell sharply from from C$49.65 to C$46.12, and currently down 6.8% on the week.
Mark Hill, the Canadian miner’s current COO, will be appointed as the interim CEO. Hill joined Barrick in 2006 and has experience in strategy, corporate development, and leading major projects across the world.
Barrick’s board is currently embarking on a process with the support of a leading executive search firm to identify a permanent President and CEO.
On the same day, Newmont announced CEO Tom Palmer is retiring and will be replaced by Natrascha Viljoen, who is the current COO of the company with markets aware of Palmer’s intentions.
Newmont’s share price is 1.42% higher over five days of trading at $128.83.
The executive changes with one being sudden and the other ‘flagged’ according to reporting by newswire, Reuters, had different share price impacts with Bristow previously outlining plans to be in the role until 2028.
The moves by two of the world’s most significant miners follows Rio Tinto’s (ASX:RIO) CEO Jakob Stausholm, who stepped down following a succession plan to handover to the group’s iron ore boss, Simon Trott to lead the business in 2025.
Write to Aaliyah Rogan at Mining.com.au
Images: Barrick Mining
