Newcrest CEO Biswas leaves, search underway for new boss

MELBOURNE (Reuters) – Newcrest Mining Ltd. Chief Executive Sandeep Biswas, who served in the role for eight years, is retiring, the company said on Monday.

Chief Financial Officer Sherry Duhe, who joined the company in February, will take over as interim CEO while a global internal and external search for her successor is underway, Newcrest said in a filing with the stock exchange.

“As we look to the future, this is the right time for new leadership to accelerate the evolution of our business and ensure we are best positioned to take full advantage of the opportunities that lie ahead,” CEO Peter Tomsett said in a statement.

Duhe has a background in the energy industry, previously serving as CFO of Woodside Energy and spending 13 years at Shell.

Newcrest expects to appoint him next year. The company has hired executive scout Russell Reynolds to help it with the search, which has been ongoing “for several months and has included talks with Sandeep”.

The decision comes less than a year after Biswas pleaded guilty to the Australian Financial Review, apologising to those who felt bullied during his tenure and promising to change his management style.

Biswas, who will step down as managing director from Monday, will remain in his advisory role until March 18.

Analysts have praised Biswas for repairing Newcrest’s balance sheet and refocusing the miner on free cash flow during his tenure. He strengthened Newcrest in Canada with the acquisition of Red Chris, which also increased its exposure to copper, a hot commodity for green energy.

The Newcrest exploration team also discovered a significant new gold deposit in the Paterson province of Western Australia.

In other appointments, Dan O’Connell, group treasurer, will become interim chief financial officer, while Craig Jones, chief operating officer (Americas), will take on interim responsibility for all Newcrest operations.

(Reporting by Melanie Burton; Editing by Lincoln Feast and Stephen Coates)