Barrick Gold Corp. (TSX: T.ABX, Stock Forum) (NYSE: ABX, Stock Forum) founder Peter Munk has revealed that he is looking for a successor to lead the board of the Toronto-based gold mining giant.
In a note contained in the company’s 2012 annual report, Munk hinted that his successor will be co-chairman John L. Thornton.
“Over the past year, John and I have been working in lock-step with the entire board and our management team, focused on the singular and exclusive goal of setting the stage for Barrick’s long-term success,” Munk said in the letter to shareholders.
Barrick shares eased 1.3% to $29.24 on Tuesday, leaving the company with a market cap of $29.3 billion, based on one billion shares outstanding. The 52-week range is $44.75 and $29.08.