Welcome!

News Feed Item

Newcrest Mining Limited - Managing Director and Chief Executive Officer's Transition Timing

MELBOURNE, Australia, April 23, 2014 /CNW/ - Newcrest Mining Limited (ASX: NCM) ("Newcrest") today announced the appointment of Sandeep Biswas as Managing Director and Chief Executive Officer, which will take effect on 4 July 2014.

As previously announced, Mr Biswas commenced with Newcrest on 1 January 2014 as Chief Operating Officer and as an Executive Director, with the expectation that he would succeed current Managing Director and Chief Executive Officer Greg Robinson in the latter half of calendar 2014.

Mr Robinson, who joined Newcrest in November 2006, initially as Finance Director and Chief Financial Officer, was appointed Managing Director and Chief Executive Officer in July 2011.  He will leave Newcrest and retire from the Board on 4 July 2014.

Newcrest Chairman Peter Hay said Mr Biswas' outstanding operations background across multiple commodities, together with his strategic and leadership capabilities, will contribute to Newcrest's success over the short and longer term.

"In particular, I am confident that Sandeep's focus on asset utilisation, cost reduction, increasing cashflow and simplicity of purpose will continue to accelerate the positive performance turnaround we have seen over the past four quarters," he said.

"I would like to thank Greg for his deep commitment and dedication to Newcrest and the people who make up the Newcrest team, particularly his unflagging efforts to improve the Company's performance over the past 12 months.  His legacy, including the implementation of disciplined management systems and processes, the successful implementation of major capital projects - including Cadia East and the Lihir plant expansion - and the measured progress of Wafi Golpu, will provide a solid foundation for the Company going forward."

Mr Hay said he expected the leadership transition to Mr Biswas to proceed smoothly over the next few months.

Mr Robinson today welcomed the announcement of Sandeep Biswas as his successor and said Mr Biswas had developed a strong understanding of Newcrest and the gold industry over the past few months.

"After eight years with Newcrest, I am pleased to hand over to Sandeep who has already made a positive impact on the Company and its operations since he started with us in January, and I am sure he will continue to significantly improve the business in the years ahead.

Mr Biswas was previously Chief Executive Officer of Pacific Aluminum, a wholly owned subsidiary of Rio Tinto, which incorporated the bauxite, alumina, refining and smelting operations in Australia and New Zealand.

A chemical engineer who began his career with Mount Isa Mines, working in both Australia and Europe, Mr Biswas' experience includes technical, operational, business development and strategic roles across commodities including aluminium, copper, lead, nickel and zinc.  He was educated in Brisbane and completed a Bachelor of Chemical Engineering with Honours at the University of Queensland.

Mr Biswas said: "Newcrest has some fundamental strengths, including the commitment and dedication of its people, its long life reserves and resources, and its high standard of installed infrastructure and systems.  I am looking forward to working with the Newcrest team to deliver on the Company's potential."

A summary of the key terms of Sandeep Biswas' employment as Managing Director and Chief Executive Officer is set out in the attached Schedule.

Greg Robinson will work through his notice period until his departure on 4 July 2014 and will receive his current base salary and statutory entitlements during that period. Mr Robinson will receive a payment in lieu of notice for the balance of his contractual notice period, in accordance with his terms of employment. His Long Term Incentive and Short Term Incentive entitlements will be treated in accordance with the applicable plan rules, pro-rated to his departure date, and remain subject to all applicable performance conditions.

A copy of the release may be found at www.newcrest.com.au and on www.sedar.com.

Schedule

Summary of Material Terms and Conditions of Employment of Mr Sandeep Biswas
Mr Biswas will continue to be employed on the usual terms offered to Newcrest executives. The remuneration package offered to Mr Biswas is designed to link reward to both Company and individual performance, and to align with the interests of shareholders through a significant at-risk performance-based component.

Commencement
Mr Biswas will be appointed as Managing Director and Chief Executive Officer effective 4 July 2014.

Term
His contract of employment is ongoing until terminated by either Mr Biswas or the Company.

Remuneration

  1. A fixed TEC (Total Employment Cost) component of A$2,300,000 per year inclusive of superannuation, subject to annual review.
  2. A short term incentive (STI), in accordance with the STI plan rules which apply from time to time, of 100% of TEC at target and up to 200% of TEC at maximum.
  3. A long term incentive (LTI) award in accordance with the LTI plan rules that apply from time to time. The percentage of LTI is 150% of TEC.
  4. Mr Biswas will retain his current contractual entitlement to two tranches of ordinary shares in the Company, each to the value of A$500,000, (or cash rather than shares at the Company's option) to be transferred to Mr Biswas respectively following the Company's Annual General Meetings in October 2014 and 2015, subject to Mr Biswas' continuing employment and satisfactory performance. The number of shares to which Mr Biswas will be entitled, in each tranche, will be calculated with reference to the value weighted average price of Newcrest Mining Limited shares traded on the ASX in January 2014.

Termination and Notice
Mr Biswas' employment agreement may be terminated in the following circumstances.

  1. Resignation by Mr Biswas on three months' written notice.
  2. Termination by the Company on 12 months' written notice. The Company may elect to make a payment in lieu of notice, equivalent to base salary payable to the date of termination, plus payment in lieu of annual leave, long service leave and superannuation entitlements in  accordance with law. Termination benefits payable are subject to the Corporations Act (Cth) 2001.
  3. Termination by the Company without notice for serious misconduct or other circumstances justifying summary dismissal. In this event, the Company will pay his salary to the date of termination, plus payment in lieu of any annual or long service leave and superannuation entitlements in accordance with the law.
  4. On termination, any entitlements held under the Company's long-term and short-term incentive plans will be treated (and may be retained or forfeited) in accordance with the applicable plan rules from time to time. Details of these plans are set out in the Company's Remuneration Report each year.

Restraint
Mr Biswas will continue to be subject to restraint arrangements with respect to his employment and solicitation of Company employees and contractors, for a period of up to six months following cessation. He is also subject to ongoing confidentiality obligations. 

SOURCE Newcrest Mining Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...