Newmont names Natascha Viljoen CEO as Palmer retires

Newmont Corp. (NYSE: NEM), the world’s largest gold miner, said Monday that chief executive Tom Palmer will retire later this year, with chief operating officer Natascha Viljoen set to take over on January 1, 2026.

Palmer, who took the top job in October 2019, said it was the right time to step aside after nearly 40 years in the mining industry, including 12 with Newmont.

Viljoen joined Newmont in 2023 after leading Anglo American Platinum, now Valterra (JSE: VAL), and serving on Anglo American’s Group Management Committee. Her nomination marks the first time in Newmont’s 104-year history that a woman will lead the company.

The leadership change announcement comes on the same day Barrick Mining (TSX: ABX)(NYSE: G) disclosed the sudden resignation of its CEO, Mark Bristow, who had led the Canadian miner since its 2019 merger with Randgold Resources.

BMO analyst Matthew Murphy does not view the leadership change at Newmont as especially surprising given Viljoen’s recent promotion to president. He also believes the timing with the departure of Bristow from Barrick is “entirely coincidental”.

“We think the market will take this announcement in stride and continue to be focused on NEM’s ability to execute on its mine plans and the return of excess cash flow through its current substantial share repurchase program,” Murphy wrote on Monday.

Jefferies’ senior vice president of equity research, Fahad Tariq, raised doubts about the timing of the announcements.

“While Barrick’s announcement came as a surprise to us and the NEM announcement seemed planned based on precedence, it remains unclear if these two concurrent releases that went out at the same time (September 29 before market open) may have a common thread,” Tariq wrote.

Barrick and Newmont share interests in Nevada Gold Mines and the Pueblo Viejo joint ventures, which account for about 41% of Barrick’s valuation and 25% of Newmont’s.

Whirlwind changes

Under Palmer, Newmont completed a string of transformative deals, including the takeover of Canada’s Goldcorp, the creation of the Nevada Gold Mines joint venture with Barrick, and the $17-billion acquisition of Australian miner Newcrest, which cemented Newmont’s global dominance.

The company has also undergone significant executive turnover. Earlier this year, chief financial officer Karyn Ovelmen resigned after just over two years. Long-time insider Peter Wexler was named interim CFO.

Newmont shares have more than doubled in 2025. The company recently pulled its stock from the Toronto Stock Exchange, citing low trading volumes and expected cost savings. Newmont first listed in Canada in 2019 after acquiring Goldcorp.

This month, the miner capped a year-long divestment program with the sale of its Coffee gold project in Yukon, underscoring the scale of change under Palmer’s leadership.