Barrick Gold turns to Thornton with stock at 20-year low

Barrick Gold co-chairman John Thornton’s “greatest strength” is strategy, said Goldman Sachs Vice Chairman J. Michael Evans

Barrick Gold Corp. founder Peter Munk sees a successor in former Goldman Sachs Group Inc. President John Thornton as the world’s biggest gold miner tries to reverse a 54 percent plunge in market value in the past year.

“I searched the world for a successor,” Munk, the 85-year-old chairman of Barrick, said yesterday in an e-mailed statement. “I am delighted I found John. I am confident he will take Barrick to a new level as a global player.”

Thornton, 59, faces his first annual shareholders’ meeting tomorrow as co-chairman after the Toronto-based miner has struggled with cost overruns, writedowns, and opposition to his $11.9 million signing bonus from shareholders including Canada’s six largest pension fund managers.

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Source: http://business.financialpost.com/2013/04/23/barrick-gold-turns-to-thornton-with-stock-at-20-year-low/


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