DENVER, CO - Newmont Corporation (NYSE:NEM), a leading gold and silver mining company, announced today the appointment of Brian Tabolt as its new Chief Accounting Officer and Group Head of Finance, effective December 1, 2024.
Tabolt, 43, steps into this role with a wealth of experience, having previously served as the company's Group Head of Financial Planning and Analysis since May 2023, and as Interim Chief Financial Officer since November 2022.
Tabolt's career includes a significant tenure at Molson Coors (NYSE:TAP) Beverage Company, where he held the position of Vice President, Controller, and Chief Accounting Officer from 2014.
His background is further bolstered by senior roles in SEC Reporting and Technical Accounting within Molson Coors, and an early career in public accounting with Deloitte. A holder of Bachelor and Master of Science degrees in Accounting from Pennsylvania State University, Tabolt is also a Certified Public Accountant.
In his new role, Tabolt will partake in the company's standard compensation programs for the L5 (Section 16) level. The company's announcement clarified that there are no arrangements or understandings between Tabolt and any other persons concerning his appointment.
Additionally, he has no family relationships with any members of the company's Board of Directors or executive officers, nor has he been involved in any reportable transactions with the company.
Concurrent with Tabolt's appointment, Joshua Cage will transition to the role of Global Controller and Head of Operations Accounting, also effective December 1, 2024. Cage, a veteran with over 20 years at Newmont Corporation, has previously held roles including Chief Accounting Officer and Controller, among others.
The company stated that Cage's new assignment is not due to any disagreements on matters related to the company's operations, policies, or practices.
Newmont's leadership changes come at a time when the company continues to focus on strategic financial management and operational excellence. These appointments are part of Newmont's commitment to maintaining a robust financial leadership structure to support its ongoing growth and performance in the gold and silver mining sector.
The information provided in this news article is based on a press release statement filed with the Securities and Exchange Commission on November 18, 2024.
In other recent news, Newmont Corporation has made significant strides in its divestiture strategy with the agreement to sell its Musselwhite mine in Ontario, Canada, to Orla Mining Ltd for up to $850 million. This sale is part of Newmont's ongoing strategy to divest non-core assets, with the proceeds expected to support the company's capital allocation priorities.
Meanwhile, UBS has downgraded Newmont from Buy to Neutral due to disappointing third-quarter results and lowered medium-term production forecasts.
Newmont's Q3 2024 financial results revealed steady gold production and a focus on cost management, generating $1.6 billion in cash flow from operations. The company also initiated a $2 billion share repurchase program and returned $786 million to its shareholders. These developments highlight the company's commitment to shareholder value and disciplined capital allocation.
Despite challenges, Newmont is on track to meet its Q4 2024 gold production target of approximately 1.8 million ounces. As the company continues to navigate the complexities of the global gold market, these recent developments provide a snapshot of Newmont's strategic moves and financial health.
InvestingPro Insights
As Newmont Corporation (NYSE:NEM) undergoes leadership changes in its financial team, investors may find value in examining the company's current financial position and market performance. According to InvestingPro data, Newmont has a substantial market capitalization of $47.96 billion, reflecting its significant presence in the gold and silver mining sector.
Despite recent challenges, InvestingPro Tips suggest that Newmont's financial outlook may be improving. Analysts anticipate sales growth in the current year, and net income is expected to grow as well. This positive outlook aligns with the company's strategic focus on financial management, as evidenced by the recent appointments.
Notably, Newmont has maintained dividend payments for 54 consecutive years, demonstrating a commitment to shareholder returns even during industry fluctuations. The company's current dividend yield stands at 2.44%, which may be attractive to income-focused investors.
However, it's worth noting that Newmont's stock has faced some recent headwinds, with a 28.97% decline in the past month. This short-term volatility could present an opportunity for investors, as the RSI suggests the stock may be in oversold territory.
For a more comprehensive analysis, InvestingPro offers 8 additional tips for Newmont Corporation, providing deeper insights into the company's financial health and market position.
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