Newmont Corporation (NYSE:NEM) shares are trading lower Tuesday after the company announced that CFO Karyn Ovelmen has resigned.
What To Know: After the market close on Monday, Newmont announced in a regulatory filing that Ovelmen resigned from her position, effective July 11. The exiting CFO’s official separation date is set for July 25.
The company stated that her departure was not due to any disagreement related to operations, financial statements, accounting policies or disclosures. Despite the clarification, the market appeared unsettled by the sudden transition, especially at a time when leadership stability remains crucial for mining companies like Newmont.
Peter Wexler, who joined Newmont in March 2024 as chief legal officer, has been appointed interim CFO. Wexler will hold both roles until a successor is named.
Ovelmen and Newmont entered into a formal separation agreement that includes a six-month salary continuation and medical coverage, along with standard post-employment covenants. The company has commenced a search for a permanent CFO.
How To Buy NEM Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Newmont's case, it is in the Materials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
NEM Price Action: Newmont shares were down 6.19% at $57.06 at the time of publication Tuesday, according to Benzinga Pro.
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