Sign in

Tom Palmer

President and Chief Executive Officer at NEWMONT Corp /DE/
Board
Since October 1, 2019
Age
57 years
Education
Holds a Bachelor of Science degree in Engineering and a Master of Science in Engineering from Monash University in Melbourne, Australia.
Tenure
Joined NEM as Senior Vice President, Indonesia in March 2014, then advanced through roles including Senior Vice President Asia Pacific, Executive Vice President and Chief Operating Officer, President, and ultimately was appointed President and Chief Executive Officer on October 1, 2019.

Also at NEWMONT Corp /DE/

KO
Karyn Ovelmen
Executive Vice President and CFO
NV
Natascha Viljoen
Chief Operating Officer
PT
Peter Toth
Executive Vice President and Chief Development Officer

About

A veteran of the mining industry, he built a substantial career at Rio Tinto where he held a variety of leadership roles such as Chief Operating Officer for Pilbara Mines and General Manager in key operational functions.

After transitioning to NEM in March 2014, he quickly demonstrated his capability, taking on increased responsibilities with roles that spanned geographic leadership as Senior Vice President for Indonesia and Asia Pacific.

His rapid rise continued with appointments as Executive Vice President and Chief Operating Officer, followed by serving as President before his appointment as President and Chief Executive Officer on October 1, 2019, a role in which he now shapes the strategic direction and operational excellence of the company.

Throughout his tenure, his focus on operational performance, safety, sustainability, and shareholder returns has cemented his reputation as a key leader in the global mining sector, driving major initiatives and acquisitions that have redefined the company’s portfolio.

$NEM Performance Under Tom Palmer

Past Roles

OrganizationRoleDate RangeDetails
Newmont Corporation (NEM)President and Chief Operating Officer November 2018 - June 2019 Held as a transitional role before becoming CEO
Newmont Corporation (NEM)Executive Vice President and Chief Operating Officer May 2016 - (Ended by promotion) N/A
Newmont Corporation (NEM)Senior Vice President, Asia Pacific February 2015 - (Ended by promotion) N/A
Newmont Corporation (NEM)Senior Vice President, Indonesia March 2014 - (Ended by promotion) N/A
Rio Tinto Iron OreChief Operating Officer, Pilbara Mines Prior to joining NEM Part of his 20-year career with Rio Tinto
Rio TintoGeneral Manager, Technology for the Bauxite and Alumina business Prior to joining NEM N/A
Rio TintoGeneral Manager, Operations at Hail Creek coal mine Prior to joining NEM N/A
Palabora Mining Company (via Rio Tinto career)General Manager, Asset Management Prior to joining NEM Located in South Africa; part of his extensive mining experience

External Roles

OrganizationRoleDate RangeDetails
International Council on Mining and Metals (ICMM)Chair of the ICMM CEO Advisory Group on Social Performance Present N/A
International Council on Mining and Metals (ICMM)Member of the three-person Administrative Committee Present N/A
World Gold Council (WGC)Vice Chair Present N/A
World Gold Council (WGC)Chair of the Sustainability Taskforce Present N/A
World Economic ForumChair of the Mining and Metals Community Present N/A

Fixed Compensation

Data from  FY 2023
Component Name [Source]Amount [Source]Payment Schedule [Source]Additional Details [Source]
Base Salary $1,435,000 Annual Base salary for 2023
Company Contributions to Defined Contribution Plans $19,800 Annual Contributions to defined contribution plans
Perquisites $33,550 Annual/One-Time Includes $12,000 for tax preparation reimbursement, $17,000 for financial advisory services, and $3,350 for executive health assessment benefits
Pension Plan $257,421 As Accumulated Benefit Present value of the accumulated benefit
Pension Equalization Plan $2,612,188 As Accumulated Benefit Present value of the accumulated benefit

Performance Compensation

Data from  FY 2023

Annual Bonus

Metric [Source]Value [Source]Details [Source]
Achievement Percentage 33% Percentage achieved based on corporate performance metrics
Total Payout $710,325 Corporate Performance Bonus payout for 2023
Threshold $430,500 Minimum payout threshold for bonus eligibility
Target $2,152,500 Target bonus amount
Maximum $4,305,000 Maximum cap on bonus payout
Condition 20% minimum payout Zero payout if performance criteria are not met

Performance Stock Units (PSUs)

Metric [Source]Value [Source]Details [Source]
Weighting – Relative TSR 80% Relative Total Shareholder Return forms 80% of the evaluation
Weighting – Sustainability Metrics 10% each Two sustainability metrics: executive female representation and carbon reduction milestones (each 10%)
Grant Date February 27, 2023 Grant date for performance stock units
Grant Date Fair Value $50.39 per share Determined using a Monte Carlo valuation model
Grant Date Stock Price $43.34 Fair market value of the stock on the grant date
Vesting Schedule 3-Year Period (2023-2025) PSUs vest based on performance with payout in 2026
Performance Conditions Percentile-Based Payouts 100th percentile: 200%, 75th: 150%, 55th: 100%, 25th: 50%, below 25th: 0%; capped at 100% of target if absolute TSR is negative and limited to 4x target

Long-Term Incentive (LTI) Program

Metric [Source]Value [Source]Details [Source]
Composition 67% PSUs, 33% RSUs LTI is divided between performance stock units and restricted stock units
PSUs – Threshold/Target/Maximum 50% / 100% / 200% of target PSUs performance metrics with a maximum payout of 200%
RSUs Vesting 33% per year over 3 years RSUs vest pro-rata over three years
Total LTI Target Value $8,900,000 Comprising $5,933,333 for PSUs and $2,966,667 for RSUs
Grant Date February 27, 2023 Same grant date for both PSU and RSU awards
Grant Date Stock Price $43.34 Fair market value on the grant date
Evaluation Criteria Relative TSR and Sustainability Metrics PSUs subject to performance against a peer group and sustainability goals (diversity and environmental targets)
Vesting for PSUs 3-Year Cliff (2023-2025) PSUs vest contingent on performance, with a three-year cliff

This table consolidates the available performance compensation details for 2023 using data from the documents.