Gold mining company Newmont Corp. has announced that chief financial officer (CFO) Karyn Ovelmen has resigned effective immediately. As acting CFO, the company ended up with an internal candidate: Peter Wexler, who has been with the company since March 2024 and previously spent 15 years as chief legal officer at Schneider Electric.
According to Newmont, Ovelmen's departure was not the result of disagreements over operations, financial reporting or accounting guidelines. Rather, the U.S. gold producer emphasized the positive contributions it has made over the past two years.
Earlier this month, Newmont announced it would lay off 10 % to 15 % of staff at its Merian mine in Suriname due to declining production. That move reflects increasing pressure on gold producers' margins as commodity prices fluctuate and operational costs rise.
Newmont is currently preparing for the release of second-quarter results, scheduled for July 24. At the same time, the search for a permanent successor to Ovelmen has begun. Until then, Wexler will assume financial leadership and keep shareholders informed of quarterly results and strategic developments.
