Ned Goodman to replace Brian Mulroney on Barrick Gold (T.ABX) board in shakeup: WSJ

Stockhouse Editorial
0 Comments| December 4, 2013

Barrick Gold Corp. (TSX: T.ABX, Stock Forum) is set to announce the appointment of Canadian resource investor Ned Goodman to its board. The Toronto gold mining giant will also hire Jim Gowans as its chief operating officer, according to an unnamed source, who spoke to the Wall Street Journal.

Goodman will replace former Canadian Prime Minister Brian Mulroney on the Barrick board, the Wall Street Journal said in its report.

This development follows earlier reports that Barrick will confirm today that Chairman Peter Munk will step down at the company’s next annual shareholders meeting.

Munk is expected to be succeeded by co-chairman John Thornton.

The stock fell 0.4% to $16.43 in late morning trading Wednesday, leaving the Toronto gold mining giant with a market cap of $19.6 billion, based on over one billion shares outstanding. The 52-week range is $37.95 and $14.22.

At the age of 86, Munk is getting on in years and in documents filed with the U.S. Securities & Exchange Commission, the company has signalled its founder’s intentions by mading the following statement:

“Since the company’s 2013 annual meeting, various directors of Barrick have engaged in discussions with Barrick’s institutional shareholders to understand their perspectives on Barrick’s compensation practises and governance arrangements.

The Board is addressing the issues that have been raised with our directors, which include modification of the company’s executive compensation arrangements, the rejuvenation of the board through a combination of departures from the Board, the addition of independent directors and succession in the Chairman role at the company, consistent with Mr. Munk’s desire to retire as Chairman of the Board of Directors, as previously indicated.

Tags: GOLD

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