|By PR Newswire||
|April 22, 2014 09:03 PM EDT||
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.
Summary of Material Terms and Conditions of Employment of Mr Sandeep
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.
Mr Biswas will be appointed as Managing Director and Chief Executive Officer effective 4 July 2014.
His contract of employment is ongoing until terminated by either Mr Biswas or the Company.
- A fixed TEC (Total Employment Cost) component of A$2,300,000 per year inclusive of superannuation, subject to annual review.
- 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.
- 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.
- 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.
- Resignation by Mr Biswas on three months' written notice.
- 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.
- 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.
- 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.
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
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, 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. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 14, 2016 02:30 PM EST Reads: 163
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze 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. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 14, 2016 02:30 PM EST Reads: 301
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze 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. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 14, 2016 01:00 PM EST Reads: 463
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.
Feb. 14, 2016 01:00 PM EST Reads: 123
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 14, 2016 12:15 PM EST Reads: 482
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
Feb. 14, 2016 12:15 PM EST
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, 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. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 14, 2016 12:00 PM EST Reads: 167
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 14, 2016 12:00 PM EST Reads: 328
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay 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. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 14, 2016 12:00 PM EST Reads: 293
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, will give users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion w...
Feb. 14, 2016 12:00 PM EST
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 14, 2016 11:45 AM EST Reads: 290
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 14, 2016 11:45 AM EST Reads: 455
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 14, 2016 11:45 AM EST Reads: 169
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
Feb. 14, 2016 11:45 AM EST
The Art of DevOps provides a fun overview to help teams understand DevOps. Written in the style of the famous 6th century Chinese manuscript “The Art of War,” this eBook describes DevOps in the form of a mission to continuously deliver assets to the operational battlegrounds safely, securely, and quickly. It’s a fun read with valuable insights.
Feb. 14, 2016 11:45 AM EST