By Nate Wolf
Newmont stock was falling sharply Tuesday after the Colorado-based gold miner disclosed that its chief financial officer had resigned.
Karyn F. Ovelmen, who had served as financial chief at Newmont since 2023, tendered her resignation last Friday and will leave the company on July 25, Newmont said in a Securities and Exchange Commission filing. The company didn't disclose the reason for Ovelmen's departure but said it wasn't due to disagreements over operations, financial reporting, or accounting.
Newmont appointed Peter Wexler, the company's current chief legal officer, as interim chief financial officer. Wexler also will continue in both roles while the company begins a search for Ovelmen's permanent replacement.
Newmont was falling 7.7% on Tuesday, making it the worst performer in the S&P 500.
The news comes on a largely downcast day for gold and gold-mining stocks. Peers Barrick Mining, Agnico Eagle Mines, and Franco-Nevada all were falling between 1% and 2% on Tuesday, while gold futures dipped 0.8% to $3,334.10.
Gold miners have enjoyed a banner year as investors flocked to bullion as a safe-haven amid global trade uncertainty. Newmont remains up more than 50% since the start of 2025.
Write to Nate Wolf at nate.wolf@barrons.com
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July 15, 2025 13:03 ET (17:03 GMT)
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