Northern Star Resources Ltd announced a change at its top executive level on Tuesday, appointing Suresh Vadnagra as chief executive officer, with the role to commence on October 5. Vadnagra will succeed Stuart Tonkin, the company said in a statement.
The miner also disclosed an upcoming change at the board level: Michael Ashforth will replace Michael Chaney as chairman following the firm's annual general meeting in November, the company said in a separate statement.
Both moves come in the wake of pressure from activist investor Elliott Investment Management. Last month Elliott revealed it holds a stake in Northern Star exceeding A$1 billion and urged the company to pursue a thorough overhaul of its board to boost shareholder returns.
Elliott cited persistent underperformance in Northern Star's shares as part of its case for more substantial changes to the company's leadership and governance. The activist investor called for broad revisions across the board to improve returns for shareholders.
Northern Star's equity performance has been weak so far this year, with shares down 23% year-to-date in 2026. The company noted that its stock declines have tracked lower gold prices over the past three months.
Context and implications
The announced executive and board transitions address calls for change from a major shareholder and come as the company's share price has fallen sharply in 2026. The new chief executive's background at Glencore offers a different corporate pedigree from the outgoing leader, though the company has provided limited detail beyond the timing and identities of the incoming executives.
Details regarding any further board-level changes or strategic shifts were not provided in the company's statements.
Summary of key developments
- Suresh Vadnagra, formerly at Glencore, named Northern Star CEO effective October 5.
- Michael Ashforth to succeed Michael Chaney as chairman after the November AGM.
- Activist Elliott Investment Management disclosed a stake above A$1 billion and demanded board overhaul.