Newmont Names New CFO and COO as Gold Miners Reset

Newmont Corp. on Monday appointed Brian Tabolt as chief financial officer, Mark Rodgers as chief operating officer and David Thornton as chief technology officer, effective July 1. The gold miner also promoted David Fry to executive vice president of project development.

The moves fill key roles under Chief Executive Natascha Viljoen, who took the top job in March. The appointments come as Newmont focuses on advancing its highest-return growth projects while managing costs that have risen faster than expected. Rodgers, previously executive vice president of integrated supply chain, steps into the COO role. Thornton moves from senior vice president of technology.

Earlier this month, CIBC analyst Anita Soni lowered her price target on Newmont to $175 from $176, maintaining an Outperformer rating. The small adjustment reflected stronger-than-expected first-quarter results offset by higher expected costs and the company's second-half outlook. Separately, Barclays initiated coverage of Newmont with an Overweight rating and a $133 price target last month.

For investors, the leadership changes signal continuity rather than disruption. Tabolt, Rodgers and Thornton each have long tenures at the company. Fry's promotion to project development suggests a bet on organic growth over acquisitions. That makes sense given cost inflation and the need to show that capital spending translates into production. Gold miners have underperformed the metal's rally this year, as costs and execution risks weigh on margins. Newmont's Alpha Score of 68 out of 100, labeled Moderate, reflects a balanced risk profile in the materials sector.

The COO role is particularly critical. Newmont operates mines across the Americas, Africa and Australia. Rodgers' supply-chain background could help contain the cost pressures that hit first-quarter results. The company's all-in sustaining costs are expected to rise year-on-year after the first-quarter miss, according to CIBC's note. Tabolt takes over from Nancy Buese, who left in April. His focus will be balancing capital allocation between dividends, debt reduction and mine development.

Newmont's stock has trailed the gold price this year. Spot gold has traded above $2,400 an ounce for much of the second quarter, while Newmont shares have gained only about 10% over the same period, reflecting investor skepticism about cost controls and production guidance. The new team's first major test will be the second-quarter earnings report, due in late July. The company has not yet set a date.

For more on gold's price dynamics, see the gold profile. Newmont's stock page is here. The new executives take charge July 1. The market will watch whether they can narrow the gap between gold's rally and the miner's share price.