Newmont Announces Retirement of Wayne Murdy as CEO; Richard O'Brien Appointed CEO Effective July 1, 2007; Joseph Carrabba Elected to Board of Directors
News Desk
DENVER, June 5 /PRNewswire-FirstCall/ -- Newmont Mining Corporation
(NYSE: NEM - News) 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.
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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."