Barrick Gold Corporation
) announced that its founder and chairperson Peter Munk is set to
retire at the company's 2014 annual general meeting (AGM).
Barrick was founded by Munk in 1983, who expanded it from a
single-mine company to a global gold industry leader, with
operations across five continents. John L. Thornton, Co-Chairman
of Barrick, will succeed Munk as the Chairman at the 2014
Barrick also announced a number of key business initiatives
which include rejuvenation of the Board of Directors, a plan to
strengthen executive compensation practices and the appointment
of a new Chief Operating Officer. The company's Board has
nominated four candidates for election as the new independent
directors who will bring a wide range of experience and expertise
to Barrick's Board.
Along with Munk, two other directors announced that they will
not stand for re-election at the AGM next year. After these
changes are in place, Barrick's Board will have more than
two-thirds independent members, with ten independent directors
and four non-independent directors.
Barrick also intends to put forward a new executive
compensation plan at the 2014 AGM, which will fully align with
the principle of pay-for-performance. This will further link
compensation with the long-term interests of shareholders. The
company also declared the appointment of James Gowans as
Executive Vice President and Chief Operating Officer, effective
Jan 20, 2014. Gowans has 40 years of international mining and
Currently, Barrick carries a Zacks Rank #3 (Hold).
Companies in the gold mining industry with more favorable
Zacks Rank are
Golden Star Resources, Ltd.
Lake Shore Gold Corp.
Pretium Resources Inc.
). While Golden Star holds a Zacks Rank #1 (Strong Buy), both
Lake Shore and Pretium Resources carry a Zacks Rank #2 (Buy).
BARRICK GOLD CP (ABX): Free Stock Analysis
GOLDEN STAR RES (GSS): Free Stock Analysis
LAKE SHORE GOLD (LSG): Free Stock Analysis
PRETIUM RES INC (PVG): Free Stock Analysis
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