Elliott Demands Board Overhaul at Northern Star, Names Six Nominees

Management
โดย Bloomberg·AU·Read original
Summary · why it matters

Activist investor Elliott Investment Management LP has urged Australia's biggest gold miner Northern Star Resources Ltd. to overhaul its board, naming six nominees it said would restore market confidence. The nominees include Mark Cutifani, former CEO of Anglo American Plc, and Graham Shuttleworth, former CFO of Barrick Gold Corp., and Elliott said they should oversee an objective, thorough strategic and operational review. Elliott has built a 5.6% stake since launching its campaign in June, when it called for a potential sale and a new CEO; Glencore's Suresh Vadnagra was subsequently appointed to replace outgoing CEO Stuart Tonkin on October 5. The other candidates are Susan Corlett, Paul Graves, Mick McMullen, and Peter Rozenauers. Elliott stated that Northern Star's total shareholder return has severely lagged peers over several years despite its high-calibre assets. A Northern Star spokesperson did not immediately respond to a request for comment.

Impact on stocks 3

Critical Materials & Supply Chain▲ · 3 stocks

Off-coverage companies 2

Northern Star Resources LimitedPrivate▼ Negative
Capitalrelevance

Activist investor demands board overhaul and strategic review, criticizing underperformance and lagging shareholder returns.

Elliott Investment Management L.P.Private▲ Positive
Capitalrelevance

Elliott is the activist investor pushing for board overhaul and strategic review, aiming to boost shareholder value.

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