Newmont Mining (NYSE:NEM) announced today that CEO Richard O'Brien will step down from his current executive role and board position on March 1. President, COO, and relative newcomer Gary Goldberg will take the reins from O'Brien, bringing more than 30 years of industry expertise with him.
In a statement, Chairman of the Board Vincent Calarco said the board is confident in Goldberg's ability to lead the company, to "sharpen our plan, drive consistent execution and deliver value for shareholders in the years ahead." Prior to joining Newmont a year ago, Goldberg worked his way up Rio Tinto's (NYSE:RIO) corporate ladder, serving as president and CEO of Rio Tinto Minerals from 2006 to 2011.
Newmont's press release did not give a reason for O'Brien's departure. O'Brien joined the company in 2005 and was elected president and CEO in 2007. The CEO's 2011 base salary was $1.15 million, a 8.5% increase over 2010.