Northern Star Resources Ltd (ASX:NST) has appointed Glencore executive Suresh Vadnagra as managing director and chief executive, moving to reset leadership at the under-pressure gold miner as it faces investor criticism over performance, disclosures and project delivery.
Vadnagra will succeed Stuart Tonkin in October, while chief financial officer Ryan Gurner will serve as interim chief executive until he starts. The company also confirmed chairman Michael Chaney will retire in November, with director Michael Ashforth to take over the role as part of a planned succession.
Vadnagra, currently head of Glencore’s nickel and zinc industrial assets, will receive a base salary of $2.2 million, a $1.6 million sign-on payment and $4 million worth of sign-on shares in three tranches through to October 2028, subject to shareholder approval.
If a takeover occurs before those rights are granted, the sign-on grant will be paid in cash.
Pressure builds on Northern Star
The appointment comes as Northern Star faces pressure from US activist investor Elliott Investment Management, which has built a stake of about 4% and called for board renewal, improved disclosure and a strategic review.
Elliott has criticised the company’s operational execution and share price underperformance, pointing to delays, capital project issues and what it described as inadequate disclosures compared with global peers.
Northern Star is also managing the integration of the $5 billion De Grey Mining acquisition and its undeveloped Hemi gold project, while commissioning a $1.6 billion mill intended to lift performance at the Super Pit.
Global operating experience
Vadnagra brings experience across more than 25 global operations, including open-pit and underground mines, smelters and refineries. His Glencore portfolio includes the Murrin Murrin nickel operation near Leonora in Western Australia.
He previously worked at Newcrest, where he was responsible for major projects, technical teams and technology, giving Northern Star a leader with both gold sector and large-scale operational experience.
Northern Star said it remained on track to deliver 1.543 million ounces of gold sales for 2025-26, in line with downgraded guidance.
Shares were up 3.19% at midday.