Newcrest CEO Biswas Resigns, Search for Successor Begins – Reuters

MELBOURNE – Newcrest Mining Ltd’s Chief Executive, Sandeep Biswas, has announced his retirement after eight years leading Australia’s largest gold producer, as confirmed by the company on Monday.

Sherry Duhe, the Chief Financial Officer who joined in February, will assume the role of interim chief executive while a global search for a permanent replacement is conducted, according to a company filing.

Chairman Peter Tomsett expressed that this transition presents a timely opportunity for new leadership to drive the company’s evolution and capitalize on forthcoming opportunities.

Duhe has a background in the energy sector, having served as CFO at Woodside Energy and spending 13 years at Shell. Newcrest anticipates that a new appointment will be made next year and has engaged executive headhunter Russell Reynolds to assist in the ongoing search, which has been in progress for several months, including discussions with Biswas.

This leadership change follows Biswas’s public apology to the Australian Financial Review less than a year ago, where he acknowledged concerns about his management style and committed to making improvements.

Effective immediately, Biswas will step down as managing director but will continue in an advisory role until March 18. During his tenure, he was recognized by analysts for enhancing Newcrest’s financial health and emphasizing free cash flow, as well as successfully expanding the company’s presence in Canada through the Red Chris acquisition, which aligns with the growing demand for green energy.

Additionally, Newcrest’s exploration team has recently discovered a significant new gold deposit in the Paterson region of Western Australia.

In other updates, Group Treasurer Dan O’Connell will take on the position of interim CFO, while Chief Operating Officer (Americas) Craig Jones will temporarily oversee all of Newcrest’s operations.