Report: Barrick's Peter Munk ready to step down

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Barrick Gold (ABX -1.6%) chairman Peter Munk reportedly has indicated to insiders that he won't stand for re-election to the board of the company he founded three decades ago.

ABX last year appointed John Thornton as co-chairman and Munk said it was time for the board to look for "new leadership," but some unhappy investors have been pushing for Munk to set a date for his retirement, which he has been unwilling to do.

The next annual general meeting likely will be next spring; Munk's departure could lead to a wider management and board shake-up.