Newcrest Mining has undergone its second management shake up in a year, with two key executives departing.
The executive general manager of minerals, Colin Moorhead, will leave along with its head of international operations David Woodall.
Newcrest is Australia's largest gold miner.
The company recently announced it had recruited Michael Nossal from base metals miner MMG for the new role of chief development officer, responsible for all of Newcrest's business development, exploration and studies.
Chief executive Sandeep Biswas also changed and slimmed down the executive team when he took over last July.
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Wednesday's changes reflected an increasing intensity on progressing the new Golpu project and turning around its Lihir project, both of which are in PNG, said Mr Biswas.
The $9.5 billion takeover of Lihir Gold in 2010 has been a disaster, involving write-downs of more than half that value and a poor operational performance while Newcrest's balance sheet and share price have struggled.
Mr Biswas said the head of Lihir, Craig Jetson, will now report directly to him.
However IG market strategist Evan Lucas said Newcrest's revolving door in the management team had been going on since 2012 and was not a good look.
"It is very hard to see how they can continue to get the changes they need to without settling themselves down and getting on with where they need to be," he told AAP.
UBS last week put a buy recommendation on virtually all of Australia's gold stocks, with the exception of its sell for Newcrest and target price of $10.60.
Mr Lucas said the company had done a good job getting its production costs down and the lower Australian dollar was helping its earnings.
The company's shares were seven cents weaker at $14.12 at 1125 AEST but traded at nearly $43 four years ago.
