Newmont (NEM) shares fell on Tuesday after investors learned that the world’s largest gold miner announced the unexpected resignation of CFO Karyn Ovelmen. Chief Legal Officer Peter Wexler will serve as interim CFO. Wexler joined Newmont in March 2024 after spending 15 years as chief legal officer at Schneider Electric (SCHN.PA).
The company stated that Ovelmen’s departure, after just over two years in the role, was not due to any disagreement regarding operations, financial statements, or accounting policies.
The company stated the departure “was not due to any disagreement with the Company on any matter relating to the Company’s operations, financial statements or accounting policies or practices or disclosures.” According to the separation agreement, the decision was mutual. Ovelmen had been CFO since May 2023.
Wexler assumed the interim CFO role on July 11 and will continue as chief legal officer, a position he has held since last year. A search for a permanent replacement is underway.
Newmont is scheduled to release its second-quarter earnings on July 24 and has begun the search for a permanent finance chief.
Earlier this month, Newmont announced plans to cut 10% to 15% of its workforce at the Merian mine in Suriname, citing declining production.
“Since 2021, gold production at Merian has declined 48% while operating costs have increased by 50%, challenges that have put pressure on the long-term sustainability of operation,” Newmont said in a press release. The company aims to address the operational challenges by adjusting its workforce to better align with the mine’s current production capabilities.
According to the company, some 1,550 people are currently working at the Merian site.
Shares of Newmont had reached their highest level in three years on July 14, buoyed by a sector-wide rally as gold futures surged amid investor concerns over potential impacts of Trump administration tariffs. Despite today’s decline, Newmont shares have gained about 50% so far in 2025.
Pump Radar
Stock Alerts