Northern Star shares slide 5% as investors digest another surprise

Northern Star Resources Ltd (ASX: NST) shares are having a rough start to the week after the gold miner announced another change to its senior leadership team.

At the time of writing, the Northern Star share price is down 5.45% to $23.43.

The stock opened at $23.71 and has fallen as low as $23.37 during the session, after closing at $24.78 on Friday.

The S&P/ASX 200 Resources Index (ASX: XJR) is also having a weak day, falling around 2%.

So, what has changed at Northern Star?

Another executive is leaving

According to the release, Northern Star chief financial officer Ryan Gurner will leave the company on 30 November after more than 11 years with the gold miner.

Gurner was appointed deputy CEO in July and only stepped into the interim CEO role on 29 August following the departure of long-time boss Stuart Tonkin.

He will stay in the top job until Suresh Vadnagra starts as managing director and CEO on 5 October.

After that, Gurner will return to his CFO role and help with the leadership handover before leaving Northern Star at the end of November.

General manager of finance Philip Coetzer has been appointed acting CFO while Gurner is serving as interim CEO.

The company will also begin looking for a permanent replacement in the CFO role.

Chairman Michael Chaney thanked Gurner for his contribution, saying his “financial acumen, integrity and leadership” had played a significant role in Northern Star’s growth.

Plenty of changes at the top

The latest announcement adds to what has already been a busy few months across Northern Star’s leadership team.

Tonkin finished up last week after more than a decade with the company, while Vadnagra is preparing to take over in October.

Chaney is also due to retire at the annual general meeting in November, with Michael Ashforth set to become chairman.

All of this is happening while activist investor Elliott Management continues to push for changes at the gold miner.

Elliott has criticised Northern Star over operational issues, cost overruns and its strategic direction, while calling for changes to the board and a wider review of the business.

Earlier this month, it also released a list of potential directors it would like to see considered, including former Anglo American chief executive Mark Cutifani.

Foolish takeaway

Today’s fall comes after a strong run through August.

Northern Star shares are still almost 18% higher over the past month, although they remain down roughly 12% since the start of 2026.

The stock is also well below its 52-week high of $31.96.