Newmont Corporation experienced a significant drop in its share price following the announcement of chief financial officer Karyn Ovelmen’s resignation. Shares of the world’s largest gold producer plummeted as much as 8.9 per cent in New York trading on Tuesday, marking the most substantial decline since April.
The downturn was triggered by Newmont’s post-market announcement on Monday, which revealed that Ovelmen had tendered her resignation the previous week. Newmont is a mining company engaged in the production of gold, copper, silver, zinc and lead. The company did not provide a reason for Ovelmen’s departure.
In the interim, Peter Wexler, the chief legal officer, will assume the role of interim CFO while the company seeks a permanent replacement. According to Bank of Montreal analyst Matthew Murphy, the resignation was unexpected, noting that Ovelmen had only held the position for two years.
Newmont is scheduled to release its second-quarter financial results on July 24. Investors and analysts will be closely watching the company’s performance and any further updates regarding the CFO transition.
