BRISBANE, Australia, Feb. 10, 2022 /CNW/ – OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) is pleased to announce the appointment of Mr. Gerard Bond as the Company’s new President and Chief Executive Officer (“CEO”) effective April 4, 2022. Mr. Bond will also serve as a member of the Board of Directors (the “Board”).
Mr. Paul Benson, Chairman of the Board, said, “On behalf of the Board of OceanaGold, I would like to extend a warm welcome to Gerard. Following an extensive executive search, we are pleased to have attracted such an accomplished and recognised executive to lead OceanaGold forward. Gerard has demonstrated strong leadership during his career, brings a wealth of commercial and industry experience and has a proven track record of driving performance and delivering on business potential. This appointment marks an exciting new chapter for OceanaGold and the Board is looking forward to working with him to maximise the value of the Company.”
Mr. Bond has extensive experience in global finance and the resources industry and has held numerous senior executive roles across Europe and Australia. Most recently, he was the Finance Director and Chief Financial Officer at Newcrest Mining Limited from January 2012 to January 2022, a period of considerable operational, financial and growth transformation. Prior to joining Newcrest, Mr. Bond was with BHP for over 14 years where he held various senior executive roles in Mergers and Acquisitions, Treasury, as Deputy CFO of the Aluminium business, CFO and then Acting President of the Nickel business, and finally as BHP’s Head of Group Human Resources. Prior to joining BHP, Mr. Bond worked in Corporate Finance for Coopers & Lybrand.
Mr. Bond said, “I am honoured and delighted to join OceanaGold as President and CEO. The Company has an exciting portfolio of assets and growth opportunities. I look forward to working closely with the Board, the leadership team and the workforce to safely and responsibly drive improved operating and financial performance, realise the full potential of the Company’s growth opportunities and to maximise value and returns to shareholders.”
Mr. Scott Sullivan will continue as Acting President and CEO until Mr. Bond’s commencement on April 4, 2022, following which he will revert to his role as Chief Operating Officer and support the leadership transition. Mr Benson added, “The Board wishes to express its sincere gratitude to Scott for serving as our Acting CEO during a challenging period for the Company. Through his extensive technical experience and that of the technical bench strength that now exists in the Company along with Gerard’s appointment as CEO, we are well placed to deliver on our commitments and regain our favoured market position.”
Authorised for release to market by OceanaGold Corporate Company Secretary, Liang Tang.
OceanaGold is a multinational gold producer committed to the highest standards of technical, environmental, and social performance. For 30 years, we have been contributing to excellence in our industry by delivering sustainable environmental and social outcomes for our communities, and strong returns for our shareholders.
Our global exploration, development, and operating experience has created a significant pipeline of organic growth opportunities and a portfolio of established operating assets including Didipio Mine in the Philippines; Macraes and Waihi operations in New Zealand; and Haile Gold Mine in the United States of America.
Additional Information Pursuant to ASX Listing Rule 3.16.4
In accordance with ASX Listing Rule 3.16.4, the Company provides the following disclosure in relation to Mr. Gerard Bond’s employment contract.
Mr. Bond will be remunerated as following:
- Annual total base salary of A$880,000
- Superannuation contribution of 10 per cent of base salary (up to the maximum contribution base)
- Eligibility to receive annual bonus target of up to 90 per cent of base salary
- Long term incentive plan award of 300 per cent of base salary
Mr. Bond’s employment agreement may be terminated in the following circumstances:
- Mr. Bond may terminate the employment by giving Company six months’ notice.
- The Company may terminate the employment by giving Mr. Bond six months’ notice or making payment in lieu of all or any part of the notice period.
- Termination by the Company without notice for serious misconduct or other act or omission justifying summary dismissal.
Having regard to North American remuneration practices and to ensure that the Company remains competitive with comparable TSX listed corporations, the Company will be seeking a waiver from the Australian Stock Exchange Listing Rule 10.18 in relation to certain payments payable on Mr. Bond’s termination due to change of control of the Company, including two years’ fixed annual remuneration and target performance bonus, and deemed vesting of long-term incentive grants.
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s expectations regarding the generation of free cash flow, achievement of guidance, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the outbreak of an infectious disease, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company’s most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company’s name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company’s control. Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.