Newcrest forks out cash to former CEO, COO

afr.com:

Gold miner Newcrest has forked out hefty payments to former chief executive Sandeep Biswas and another senior executive who left the company suddenly in December.

Mr Biswas, who presided over the miner for almost nine years and left last year after complaints about his leadership, took home $US4.22 million ($6.47 million) in the year to June 30.

Former chief operating officer Phil Stephenson, who also departed the gold miner in December, was paid a notice period to reflect the sudden nature of his departure: $US577,000. His total remuneration was $US1.78 million.

Newcrest interim CEO Sherry Duhe. Her total remuneration, including bonuses, is 50 per cent less than that of her predecessor, Sandeep Biswas. Bloomberg

Both were denied their short-term incentives, the miner’s full-year earnings results reveal.

But a Newcrest spokeswoman said all their unvested long-term incentives remained “on foot”, or alive, until they vested.

If Newmont’s proposed takeover of Newcrest was approved, which appears likely, the executives’ long-term incentives for 2021 and 2022 would fully vest not long before the transaction was approved, the spokeswoman said.

Interim CEO Sherry Duhe, the former Woodside chief financial officer who took up the position earlier this year, was given 40 per cent lower fixed pay than Mr Biswas to reflect her lesser experience, the company said. Ms Duhe’s total remuneration, including bonuses, is 50 per cent less than that of Mr Biswas.

Mr Biswas left the top job last December, just nine months after he told The Australian Financial Review he was working to change his leadership style and build a more inclusive culture.

In that interview, Mr Biswas apologised to anyone who felt bullied during their time at the