Newmont Announces Retirement of Wayne Murdy as CEO; Richard O'Brien Appointed CEO Effective July 1, 2007; Joseph Carrabba Elected to Board Of Directors
Denver, Colorado, June 5, 2007 – Newmont Mining Corporation (NYSE: NEM) today announced the retirement of Wayne W. Murdy as Chief Executive Officer as of July 1, 2007, and the appointment of Richard T. O'Brien as Chief Executive Officer and President as of the same date. Mr. O'Brien was also elected to the Board of Directors. Mr. Murdy will continue to serve as Chairman of the Board until the end of 2007, representing Newmont with international and industry organizations and in specific international initiatives.
Glen A. Barton, lead director for Newmont, said, "Wayne has led Newmont through a remarkable transformation during his tenure as CEO. He successfully guided the company through its acquisitions of Normandy and Franco-Nevada, and the integration of those companies to create one of the world's leading natural resources companies. And as recent chair of the International Council on Mining and Metals, he was a strong leader and tireless advocate for improving the performance and addressing the key challenges of our industry. We look forward to his continued leadership, service and counsel to Newmont as Chairman of the Board." Mr. Murdy, who will turn 63 in July, cited a recent health issue and family considerations as influencing his decision to retire at this time.
Mr. O'Brien joined Newmont in 2005 as Chief Financial Officer and was most recently President and Chief Financial Officer. Prior to joining Newmont, he served as a senior executive of AGL Resources and Pacificorp. Mr. Murdy commented, "Dick has more than 20 years of operating and financial experience in the energy, mining and natural resources businesses. We have benefited significantly from Dick's talents and perspectives, and he is the natural leader of Newmont's executive team as we move forward."
Mr. O'Brien commented, "I am honored to be asked to lead a company with a storied history and the industry's most committed and talented employees. I look forward to continuing to work with Wayne, the Board of Directors, and our employees in my new role, to drive improvement on operational execution and to ensure a stable, predictable and profitable production and reserve base for the future."
The Company also announced the election of Joseph A. Carrabba to the Board. Mr. Carrabba is Chairman, President and Chief Executive Officer of Cleveland-Cliffs Inc, the leading supplier of high-quality iron ore products to the North American steel industry. Prior to joining Cleveland-Cliffs in 2005, Mr. Carrabba held various senior operating positions with Rio Tinto PLC, including President and Chief Operating Officer of Diavik Diamond Mines. Vincent A. Calarco, Chairman of the Corporate Governance and Nominating Committee of the Board, said, "The Board is very pleased to add a director with such a depth of experience in mining operations. We look forward to benefiting from Mr. Carrabba's wealth of experience."
SOURCE Newmont Mining Corporation