Barrick Gold Corp confirmed on Wednesday that 86-year- old chairman and founder Peter Munk will leave the board at the gold miner's next annual meeting in the spring, and announced two other departures from its board.
John Thornton, current co-chairman, will take up Munk's position, as many investors had expected. Some shareholders have worried that Barrick's board lacks independence and is too easily swayed by Munk.
Directors Brian Mulroney and Howard Beck will not stand for re-election at the next meeting, the company said in a statement released after the market closed.
Barrick, the world's largest gold producer, announced four new board nominees: veteran Canadian money manager Ned Goodman, property development executive Nancy Lockhart, former university president David Naylor and Ernie Thrasher, founder of closely held U.S. metallurgical coal exporter Xcoal Energy & Resources.
Barrick, which had been promising changes at the board for several months, also named former De Beers executive James Gowans as its next chief operating officer.
The Toronto-based miner has been without a permanent COO since earlier this year, when Igor Gonzales stepped down.
Source: bnn.ca
