Barrick, Newmont Announce CEO Exits
Newmont names replacement, while Barrick starts global search
In a huge day for the global gold space, both Barrick Mining Corporation (NYSE: B) and Newmont Corporation (NYSE: NEM) have each announced the departures of their CEOs, albeit in differing circumstances.
Bristow suddenly exits Barrick
Barrick announced the sudden and immediate departure of long-time president and chief executive officer Mark Bristow.
Bristow, who joined Barrick in 2019 following its merger with Randgold Resources, gave no hint of his imminent departure during his presentation to the Mining Forum Americas in Colorado, less than a fortnight ago.
In a statement, Barrick chairman John Thornton thanked Bristow for his leadership.
“During his tenure, Mark strengthened our portfolio and helped position Barrick as a leading global producer of gold and copper,” he said.
“As a result, the company is well-positioned for the next phase of our growth and value creation for all shareholders. We wish Mark the very best for his future.”
The question of succession was raised in May when the Financial Times reported that Barrick had kicked off a formal succession process.
During a conference call the same week, Bristow dismissed the story as a beat-up and said it was something the board always discussed.
“Big succession plans need real consideration,” he said at the time.
“Our succession works on a 12-month rolling program. It’s deep into the organisation and as an executive group, we’ve got to know the top 300 potential high-flyers in our organisation across all three regions.”
Bristow said he had committed to stay on until at least 2028 but added that “three years is not a long time, not in an organisation like Barrick”.
The company has appointed a leading executive search firm to assist the board’s Search Committee, chaired by long-time Barrick independent director Brett Harvey, with the appointment of a permanent replacement.
Interim replacement named
Barrick named Mark Hill as group chief operating officer and interim president and chief executive officer effective immediately.
Hill, who holds qualifications in mining engineering and mineral economics, first joined Barrick in 2006, initially as vice president, capital projects, then became VP, corporate development (evaluations).
He left Barrick in 2012 and joined Waterton Global Resource Management as partner and head of mining.
Hill returned to Barrick in 2016 in the newly created role of chief investment officer and since January 2019, he has been COO, Latin America and Asia Pacific, based in Toronto.
Barrick credited Hill as being integral in the initial decision to drill the Fourmile gold discovery in Nevada, which Bristow this month described as the gold find of the century.
“[Hill’s] calibre, experience and deep knowledge of the company will ensure we maintain momentum,” Thornton said.
“The board is committed to both finding the right leader to fully capitalise on Barrick’s world-class assets and capabilities, and to driving improved performance, growth and shareholder value.”
Barrick said it continued to perform in line with its full-year expectations, which includes guidance of 3.15-3.5 million ounces of gold and 200,000-230,000 tonnes of copper.
Barrick shares have surged by around 30% this month in Toronto and New York, with a prominent spike coming after the company reported the results of the Fourmile preliminary economic assessment during the Mining Forum Americas.
Newmont succession planned
Less than an hour after Barrick’s big news, Newmont announced that Tom Palmer, who has served as CEO since 2019, would step down on December 31 after 12 years with the company.
President and COO Natascha Viljoen has been appointed as his successor from January 1, 2026, making her the first woman to ever lead Newmont.
Palmer will serve as strategic advisor until his retirement on March 31, 2026.
Palmer said it had been a privilege to serve as CEO of Newmont.
“I am confident that Natascha and Newmont will seize the many opportunities that lie ahead for our business,” he said.
Viljoen, a second-generation South African miner, joined Newmont in 2023 as executive VP and COO, having previously served as CEO of Anglo American Platinum (now Valterra).
Newmont chairman Greg Boyce thanked Palmer for his service and welcomed Viljoen as CEO.
“Over the last two years as our COO, Natascha has proven to be an expert operator and inspiring leader,” he said.
“We are fortunate to have Natascha lead Newmont with a clear focus on unlocking value across our world-class portfolio.”
Viljoen delivered Newmont’s presentation to the Mining Forum Americas this month, laying out the company’s plan to reduce costs and optimise its operations.
“With deep respect for our legacy, I am grounded about the work ahead,” Viljoen said.
“We have assembled the industry’s strongest portfolio of long-life gold and copper assets, which we are determined to manage safely and effectively.
“We will combine operational excellence, cost discipline and judicious capital allocation to ensure strong financial performance, systematically unlocking more value for shareholders and stakeholders alike.
“Together with our employees, we will shape a Newmont that is stronger, simpler and more resilient.”