Newcrest Says Ex-Rio Tinto Executive to Become New CEO in July

Newcrest Mining (NCM) Ltd., Australia’s largest gold producer, said Sandeep Biswas will take over as chief executive officer on July 4.

Biswas, formerly CEO of Rio Tinto Group’s Pacific Aluminum unit, joined the Melbourne-based producer in January as chief operating officer under a previously announced plan to succeed incumbent Greg Robinson.

“Sandeep’s focus on asset utilization, cost reduction, increasing free cash flow and simplicity of purpose will continue to accelerate the positive performance turnaround we have seen over the past four quarters,” Chairman Peter Hay said today in a statement.

Robinson, who joined Newcrest in November 2006 and previously served as Chief Financial Officer, is being replaced after the company missed production targets, posted a record full-year loss on a A$6.2 billion ($5.8 billion) writedown and became the subject of a regulatory probe into its disclosure practices.

Newcrest, the world’s fourth largest producer by market value, has advanced 28 percent this year on improved production performance and as bullion has jumped 7 percent.

Biswas will receive fixed compensation of A$2.3 million annually as well as short- and long-term incentive payments.

To contact the reporter on this story: David Stringer in Melbourne at dstringer3@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net Andrew Hobbs

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