Barrick Gold set to unveil key management appointments


Barrick Gold (ABX +1.3%) reportedly will announce the appointment of well-known Canadian investor Ned Goodman to its board today, and will hire Jim Gowans, a former De Beers Canada CEO, as its COO.

Founder and long-time chairman Peter Munk also is expected to hand over the role of chairman to his heir apparent, current co-chairman John Thornton.

The appointment of new directors will be closely watched by investors, some of whom worry that Munk may try to retain influence through boardroom appointments; representatives from some of Canada's biggest pension funds reportedly held a conference call yesterday to discuss potential reactions to today's announcements.

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Comments (4)
  • gmmpa
    , contributor
    Comments (672) | Send Message
     
    It seems to me that Barrick management became sloppy in running their assets when gold was trading at $1500/oz. Reevaluation of their assets and operations was in order. They seem to have done that. A fresh pair of eyes from a new COO can also help keep it running leaner. Only question I would have is mining operations for diamonds and similar to gold? How do gold miners inventory your product in a down commodity market?
    4 Dec 2013, 10:29 AM Reply Like
  • ystock15
    , contributor
    Comments (165) | Send Message
     
    It's rather comforting seeing that CPP is held in ABX. Wow, if ABX goes down, CPP will be vaporized, that'd be national disaster.

     

    ABX, do something to protect share holders' interest
    4 Dec 2013, 02:26 PM Reply Like
  • Agent Graves
    , contributor
    Comments (147) | Send Message
     
    Anyone is better for the board than Brian Mulroney!
    4 Dec 2013, 03:56 PM Reply Like
  • TDWelander
    , contributor
    Comments (624) | Send Message
     
    The corollary to "its the economy stupid" is to cover or have the ability to cover the worst case at all times. At the end of WWII with the allies watching over their shoulders, the Germans rebuilt their economy with the worst case scenario always front and center and always coverable; though almost no one talks about it.

     

    The whole planet should be covering or have the ability to cover the worst imaginable worst case to prevent any kind of run or panick;
    especially the gold and precious metals companies.

     

    Some say covering the worst case is not possible because it is too expensive to do so or is a highly inefficient allocation of resources.
    The German economy over the last 50 years has proved these notions are very wrong; and that it is possible to cover the worst case without undue cost and minimizing any inefficient allocation of resources.

     

    My one regret at the moment is my memory of specifics on the post WWII German economy from graduate school escape me. But they will probably pop up in the middle of some night in the future.

     

    Or better yet, someone who actually sat through the same or similar lectures and read the same or similar material I did can report at this blog.

     

    Since the Chinese outnumber Americans at nearly everything by at least 3 to 1, I presume some Chinese macro economist has the specific and detailed answers to the success of the post WWII German economy for this blog.
    9 Dec 2013, 06:45 PM Reply Like
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