Northern Star Appoints Glencore Veteran to Succeed Stuart Tonkin
Synopsis
The leadership change comes after a challenging period for the gold producer, which has faced production downgrades and difficulties expanding its flagship Kalgoorlie operations.
Key Highlights
- Suresh Vadnagra has been appointed as the Managing Director and Chief Executive Officer of Northern Star, effective 5 October.
- Michael Chaney will step down from the position of Chair at or immediately following this and be replaced by current non-executive director Michael Ashforth.
- The company delivered 433,000 troy ounces of gold during the June quarter.
Suresh Vadnagra has been appointed as managing director and chief executive officer at Northern Star Resources, with Stuart Tonkin set to retire, from, October 5.
Vadnagra was previously head of Glencore Nickel and Zinc Industrial Assets in Switzerland, joining Austral Gold with over 25 years of global resources experience. Before Glencore, he was Chief Technical and Projects Officer for Newcrest Mining, and previously held senior executive appointments at BHP, Iluka Resources, MMG & Las Bambas.
The company also stated that chairman Michael Chaney will step down, with current deputy chairman Michael Ashforth to become chairman after the annual general meeting in November.
Board Leadership Changes
The leadership changes come after Elliott Investment Management revealed last month that it had built up an over A$1 billion stake in Northern Star. The activist, who reported the series of board-recommended changes to enhance shareholder value, pointed out the company's underperformance. In 2026 thus far, Northern Star shares are down 23%.
Chairman Michael Chaney thanked Stuart Tonkin for his leadership role in the Company over the last 13 years and for playing a significant part in building the company.
Gold Sales Meet FY26 Guidance
Northern Star announced quarter gold sales of 433,000 troy ounces for the June quarter and a total of 1.543 million troy ounces for FY26. The outcome was consistent with the previous production guidance of above 1.5 million troy ounces for the financial year.
Source: Capital Brief
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