Julio M. Quintana
NEWMONT Corp /DE/About Julio M. Quintana
Julio M. Quintana (age 65) is an independent director of Newmont Corporation, serving since October 2015; he chairs the Leadership Development and Compensation Committee (LDCC) and sits on the Corporate Governance and Nominating Committee . He is a former President & CEO of Tesco Corporation, with nearly 40 years in oil and gas operations and technology, and holds a B.S. in Mechanical Engineering from USC; he is a licensed professional petroleum engineer in California .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tesco Corporation | President & CEO; Director | CEO through 2014; Director Sept 2004–May 2015 | Led drilling and asset management technology; prior EVP & COO (2004–2005) |
| Schlumberger Technology Corporation | Executive roles | 1999–2004 | Upstream operations leadership; VP of Exploitation |
| Unocal Corporation | Operational roles | ~20 years (pre-1999) | Upstream operations across global E&P |
| Basic Energy Services | Director; Compensation Committee member; Chair (prior) | Prior years (not specified) | Compensation and audit oversight experience |
| California Resources Corporation | Director; Audit Committee member | Prior years (not specified) | Financial oversight on Audit Committee |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SM Energy Company | Chairman of the Board; Chair of Executive Committee; Director | Since 2006 | Audit Committee member; board leadership and compensation oversight |
Board Governance
- Committee assignments: Chair, Leadership Development & Compensation; Member, Corporate Governance & Nominating .
- Independence: Board determined Quintana (and all non-CEO directors) are independent under NYSE rules; independence matrix explicitly lists him as independent .
- Attendance: Board held 12 meetings and committees held 25 meetings in 2024; overall director attendance was 99%. LDCC met 6 times; Corporate Governance & Nominating met 7 times .
- Engagement: Independent director executive sessions were held at each regularly scheduled board meeting; board conducts annual multi-day strategy deep-dives and site visits .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $135,000 | Standard director retainer in 2024 |
| LDCC Chair fee | $25,000 | Additional for LDCC chair role |
| Committee member fees | $0 | No per-meeting fees disclosed |
| Total fees earned (2024) | $160,000 | As reported for Quintana |
| Annual equity award (DSUs/common stock) | $180,000 | Grant-date fair value; 2024 DSUs valued at $42.73 on April 26, 2024 |
| Total director compensation (2024) | $340,000 | Fees + stock; no “all other” compensation |
Director compensation program includes $180,000 of stock or director stock units each year; chair retainers vary by committee, with LDCC at $25,000 .
Performance Compensation
- Directors receive annual stock awards (typically DSUs) that are time-based and not tied to performance metrics; DSUs are fully vested upon grant with settlement in common stock upon board retirement, and accrue dividend equivalents payable at settlement .
- Company does not grant stock options to directors .
| Equity Instrument | Terms | 2024 Grant Basis |
|---|---|---|
| Director Stock Units (DSUs) | Fully vested at grant; settle in common stock at retirement; dividend equivalents accrue, paid at issuance; no voting rights until settlement | $180,000 grant-value; 2024 DSUs valued at $42.73; off-cycle grants priced at closing price on grant date |
Other Directorships & Interlocks
- Current: SM Energy Company—Chairman of the Board and Executive Committee Chair; Audit Committee member .
- Prior: Basic Energy Services (Chair; Compensation Committee member), California Resources Corporation (Director; Audit Committee member), Tesco Corporation (Director) .
- No related person transactions or interlocks disclosed involving Quintana at Newmont; independence determinations flagged potential relationships for other directors (IPL, Imdex, South32) but none for Quintana .
Expertise & Qualifications
- CEO/executive management experience (Tesco); deep operational and upstream expertise from Unocal and Schlumberger; technology and innovation oversight including chairing Newmont’s former Advisory Innovation & Technology Committee (2019–2020) .
- Financial experience via audit committee service at SM Energy, Basic Energy Services, and California Resources Corporation; compensation expertise as LDCC chair .
- Education/licensure: B.S. Mechanical Engineering (USC); licensed professional petroleum engineer (California) .
Equity Ownership
| Holder | Common Stock | DSUs/RSUs | Options | Total Beneficial Ownership |
|---|---|---|---|---|
| Julio M. Quintana | 0 | 41,657 DSUs | 0 | 41,657 |
| Outstanding DSUs (Dec 31, 2024) | Count | Market Value |
|---|---|---|
| Julio M. Quintana | 41,657 | $1,550,474 (at $37.22 close) |
- Director ownership guidelines: Directors must hold shares/DSUs equal to 5x annual cash retainer; once achieved, subsequent price declines do not force additional purchases. As of Dec 31, 2024, all directors met or fell within exceptions; DSUs count toward compliance .
- Anti-hedging/pledging: Directors prohibited from hedging, short-selling, pledging or margining Newmont securities; case-by-case pledge exceptions possible but none requested .
Governance Assessment
- Strengths: Independent LDCC chaired by Quintana with clear remit over executive pay, talent, culture and sustainability alignment; use of an independent compensation consultant (FW Cook) with assessed independence; robust governance processes (proxy access, majority voting) and high board attendance .
- Alignment: Director pay balanced between cash and equity; DSUs defer settlement to board retirement and accrue dividend equivalents, supporting long-term alignment; director stock ownership guideline at 5x retainer enhances skin-in-the-game .
- Shareholder signals: 2024 say-on-pay passed with 92.6% support, indicating general investor confidence in compensation governance under LDCC oversight .
- Potential concerns/RED FLAGS: None disclosed specific to Quintana—no related-party transactions, no option repricing, no hedging/pledging, and no delinquent Section 16 filings; note company-level 2024 fatalities prompted LDCC negative discretion in executive bonus payouts, evidencing board sensitivity to safety outcomes .
Compensation Committee composition: Quintana (Chair), Philip Aiken AM, Gregory H. Boyce, Susan N. Story; all independent; consultant FW Cook engaged for executive pay; WTW engaged for director compensation benchmarking .