Ian Smith, CEO of Newcrest Mining Limited, announced on Friday that he is stepping down. Greg Robinson, executive director of finance at Newcrest, will succeed Smith.
During Smith's tenure, Newcrest merged with Lihir Gold, and Newcrest's market capitalization grew from US$4.5 billion in 2006 to a current value of US$29 billion. Smith also served on the Mineral Council of Australia and fought against the mining tax introduced by Kevin Rudd.
According to The Australian, Smith gave no reason for his resignation. He just felt that the time was right. He is not planning to take the CEO position at another mining company.
Robinson, who is 49, trained as a geologist and holds an MBA from Columbia University. Prior to joining Newcrest Mining Limited he was with the BHP Billiton working within the petroleum division. Before joining BHP Billiton, he ran the Australia/SE Asia metals and mining team for Merrill Lynch & Co.
Michael McCrae wrote this story. You can contact him at firstname.lastname@example.org.