Sign up Australia
Proactive Investors - Run By Investors For Investors

Barrick Gold scraps co-president model

Barrick Gold scraps co-president model
Both Dushnisky and Williams are now the main executives responsible of assuring the Barrick reaches its goal of cutting costs by $2bn by the end of 2016.

Barrick Gold (TSE:ABX), the world’s largest bullion miner by production, named Kelvin Dushnisky as sole president, effective immediately.

Barrick is scrapping its unusual “co-president” management structure less than a year after it went into effect, as part of its efforts to become a more efficient gold miner. It will also continue to go without a chief executive officer, which is highly unusual for such a large company. 

Dushnisky previously held the title of co-president along with Jim Gowans, who will act as senior adviser to Chairman John Thornton until Gowans retires from the company at the end of the year, the Toronto, Ontario-based company said in a statement on Monday.

Richard Williams, who was chief of staff, has become chief operating officer, reporting to the newly appointed president.

Another Barrick executive, Basie Maree, has been named chief technical officer, reporting to Williams.

The changes are the latest in a string of management reshuffles at the miner in recent years. Last year, the company eliminated the CEO role and strengthened Thornton's role within the company. 

“As we work to accelerate Barrick’s return to the lean, decentralized model that drove the company’s early success, the time is right to put a structure in place that supports this vision,“ Thornton said in the statement.

Both Dushnisky and Williams are now the main executives responsible of assuring the Barrick reaches its goal of cutting costs by $2bn by the end of 2016.

Shares gained 2.4% to C$10.31 at 11.22 am. in Toronto, paring this year’s slump to 18%.



View full ABX profile View Profile

Barrick Gold Timeline

January 11 2017
October 02 2015
August 18 2015

Related Articles

September 26 2018
Pan African has now ceased operations at a troubled asset and is once more looking forward to growth
Gold bullion
March 12 2018
An expanded prefeasibility study has confirmed the potential to generate annual production of 200,000 ounces at Matilda-Wiluna.
March 14 2018
Orosur Mining is making great strides in its Colombian exploration programme

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use