Newmont, the world's biggest gold miner, has seen its shares drop after the unexpected resignation of its Chief Financial Officer (CFO), Karyn Ovelmen. The news came as a surprise to investors, leading to a 5.71% dip in the company's stock price.
Sudden Departure
Karyn Ovelmen's resignation was effective July 11, 2025. Newmont has not given a specific reason for her departure, only stating that it wasn't due to any disagreements with the company regarding operations, financial statements, accounting policies, or disclosures. The company described the decision as mutual.
Interim Replacement
Peter Wexler, the current Chief Legal Officer, has been appointed as the interim CFO. He will hold both positions until a permanent replacement is found. Wexler joined Newmont in March 2024 and will continue his legal responsibilities while serving as interim CFO.
Market Reaction
The news of Ovelmen's resignation caused a stir in the market. Newmont's trading volume surged by 182.98% to $1.637 billion on July 15, 2025. Despite the recent dip, Newmont shares have still seen a significant increase of about 50% in 2025, fueled by rising gold prices as investors seek safe-haven assets.
- Karyn Ovelmen resigns as Newmont CFO
- Peter Wexler appointed as interim CFO
- Newmont stock price drops 5.71%
- Trading volume surges 182.98%
Investors are closely watching Newmont's next steps as they search for a permanent CFO. The company is scheduled to report its financial results on July 24, which will provide further insights into its performance and future direction.