Newmont names Peter Wexler as interim CFO following Karyn Ovelmen’s resignation

Newmont Corporation (NYSE:NEM) announced Monday that Karyn F. Ovelmen has resigned from her role as Executive Vice President and Chief Financial Officer, effective Friday. The company stated that Ovelmen’s resignation was not due to any disagreement regarding Newmont’s operations, financial statements, accounting policies, or practices.

Peter Wexler, who joined Newmont in March 2024 as Executive Vice President and Chief Legal Officer, has been appointed interim Chief Financial Officer, also effective Friday. Wexler will continue to serve as Chief Legal Officer while holding the interim CFO position. According to the company, Wexler is supported by Newmont’s global finance team, including Brian Tabolt, Senior Vice President, Global Finance and Chief Accounting Officer, and Neil Backhouse, Senior Vice President, Investor Relations.

Newmont stated it has begun a search for a permanent Chief Financial Officer.

Ovelmen and Newmont entered into a separation agreement dated Friday. Under the agreement, Ovelmen will receive six months of her current base salary and six months of medical insurance coverage following her departure. The agreement also includes a general release of claims by Ovelmen against the company and contains customary restrictive covenants. No additional separation or severance benefits will be provided under Newmont’s disclosed plans.

The company said that Wexler will continue to participate in its standard executive compensation programs, as detailed in Newmont’s 2025 proxy statement. Any supplemental compensation for his interim CFO service has not been determined. Newmont stated that if its Leadership Development and Compensation Committee awards additional compensation to Wexler for his interim role, it will be disclosed in an amendment to the current report.

Newmont confirmed there are no family relationships between Wexler and any company director or executive officer, and no arrangements or understandings with any other person regarding his selection as interim CFO. Wexler is not party to any transaction with Newmont requiring disclosure under SEC regulations.

This information is based on a press release statement included in a filing with the Securities and Exchange Commission. For investors seeking deeper insights, InvestingPro offers comprehensive analysis of Newmont’s financial health, including 10+ additional ProTips and detailed metrics, available through their in-depth Pro Research Report.

In other recent news, Newmont Mining Corp. has been the subject of several significant developments. The company reported a strong first quarter, with earnings and cash flow surpassing expectations, including $1.2 billion in free cash flow, driven by higher sales and favorable pricing. Raymond (NSE:RYMD) James adjusted its forecasts for Newmont, noting the impact of recent asset sales and projecting approximately $0.85 billion in after-tax cash proceeds from these sales. Stifel initiated coverage on Newmont with a Buy rating, highlighting the company’s operational stabilization and shareholder return program, which includes $2.0 billion in dividends and share repurchases. In contrast, Goldman Sachs downgraded Newmont from Buy to Neutral, citing fair valuations after recent stock outperformance and noting that cost improvements remain a longer-term story. BMO Capital Markets raised its price target on Newmont to $64, maintaining an Outperform rating, following the company’s robust first-quarter performance. Additionally, Newmont appointed Natascha Viljoen as President and COO, recognizing her leadership as the company focuses on cost and productivity improvements. These developments reflect the company’s ongoing strategic efforts and market positioning.

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