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
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...