Report: Barrick's Peter Munk ready to step down


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.

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Comments (3)
  • Swisser998
    , contributor
    Comments (138) | Send Message
     
    Munk is in the same league as Ballmer, no one who is long ABX will miss him, myself included.
    8 Nov 2013, 02:51 PM Reply Like
  • gofergold
    , contributor
    Comments (37) | Send Message
     
    Someone has to take Responsibility for the mismanagement of the company through this decline in commodity prices
    8 Nov 2013, 11:22 PM Reply Like
  • TDWelander
    , contributor
    Comments (624) | Send Message
     
    Ya right. Let the neophytes loose on Barrick. Chaos for the future not in stock holders interest would be a near certainty if Chairman Munk retires.

     

    Wall street never takes responsibility for anything; where the responsibility lies. So, how many years of finger pointing and chaos
    will we have now with ABX with Chairman Munk out of the picture?

     

    Wall Street will create another mess in order to extract large sums of money and the government will continue to sit on their hands pushing more people out of traditional markets. Please prove me wrong. That would be wonderful.
    10 Nov 2013, 06:36 PM Reply Like
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