Newmont names Viljoen CEO as Palmer retires

Newmont (NYSE: NEM), the world’s largest gold miner, said Monday that CEO Tom Palmer will retire later this year, with chief operating officer Natascha Viljoen set to take over on Jan. 1, 2026. Company shares surged to a high last seen more than three years ago.

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.

BMO analyst Matthew Murphy said in a note on Monday he doesn’t view the leadership change as especially surprising given Viljoen’s recent promotion to president. The timing with Bristow’s departure from Barrick on the same day is also “entirely coincidental,” he added. 

Newmont shares were down 0.7% to $84.60 apiece on Monday afternoon in New York, for a market capitalization of $92.9 billion. The stock has traded in a 12-month range of $36.86 to $87.93.

Viljoen, who was raised in South Africa, joined Newmont in 2023 after leading Anglo American Platinum, now Valterra (JSE: VAL), and serving on Anglo American’s Group Management Committee.

Whirlwind of 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.