Barrick Founder and Chairman Peter Munk to Retire at 2014 AGM, John Thornton to Assume Chairmanship
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 06 December 2013
Release date- 05122013 - TORONTO - Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) today announced that its Founder and Chairman, Peter Munk, will retire as Chairman of Barrick and will step down from the company's Board of Directors at the 2014 Annual Meeting of Shareholders.
Mr. Munk founded Barrick in 1983, growing the company from a small junior producer with one mine into the global gold industry leader and a Canadian champion, with operations on five continents.
John L. Thornton, who has played an increasingly important role at Barrick since his appointment as Co-Chairman in 2012, will become Chairman at the 2014 AGM.
The company also announced progress on a number of key business initiatives, including rejuvenation of the Board of Directors, a plan to strengthen executive compensation practices and the appointment of a new Chief Operating Officer.
In addition to Mr. Munk, Howard Beck and Brian Mulroney have informed the Board that they will not stand for re-election as Directors at the company's 2014 AGM.
The Board of Directors has nominated four new candidates for election as independent directors: Mr. Ned Goodman, Ms. Nancy Lockhart, Dr. David Naylor and Mr. Ernie Thrasher. These four individuals will bring a diverse range of required experience and expertise to Barrick's Board.
Following the implementation of these changes at the company's 2014 AGM, the Board will be more than two-thirds independent, with 10 independent directors and four non-independent directors.
Barrick will also put forward a new executive compensation plan at the company's 2014 AGM, which will align fully with the principle of pay-for-performance, further linking compensation with the long-term interests of shareholders. The company has consulted extensively with shareholders in the development of this plan and continues to do so. Details will be announced in the management proxy circular prior to the AGM.
Barrick is also pleased to announce the appointment of James (Jim) Gowans as Executive Vice President and Chief Operating Officer, effective January 20, 2014. Mr. Gowans has 40 years of international mining and management experience with a demonstrated track record of operational excellence.
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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release constitute 'forward-looking statements'. All statements, other than statements of historical fact, are forward-looking statements. The words 'intend', 'expect', 'will', 'anticipate', 'may', and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon assumptions that, while considered reasonable by the company, are inherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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