Barrick Gold Corporation (USA) (NYSE:ABX) Accounces Management Shakeup

Barrick Gold Corporation (USA) (NYSE:ABX) unveiled plans Wednesday to shuffle its management structure in a shakeup that includes the resignation of Jamie Sokalsky from the president and CEO posts and the creation of two co-president roles with overall responsibility for execution of the mining company’s strategic priorities and operating plans. Sokalsky will be stepping down effective Sept. 15, 2014, the company said, noting in the interim, Sokalsky will assist in facilitating a smooth transition to the new leadership structure.

“It is now time for the next phase of the company’s development,” Sokalsky said. “I believe our new management structure will allow Barrick to address successfully the key challenges facing the mining industry today, and in turn, will position the company to deliver superior returns to its shareholders in the future.”

The co-president roles will be filled by Kelvin Dushnisky, currently senior executive vice president responsible for corporate and government affairs and chairman of African Barrick Gold; and Jim Gowans, currently executive vice president and chief operating officer. Meanwhile, Chief Financial Officer Ammar Al-Joundi was promoted to senior executive vice president Previously, in addition to his CFO title, he was executive vice president.

“These structural changes put an even greater emphasis on operational excellence, and will accelerate our portfolio optimization and cost reduction initiatives, while fostering a partnership culture both inside the company and externally,” said Chairman John Thornton. ABX edged up 1.6% to $18.62 in recent U.S. trading shortly after the open. It has a 52-week range of $15.17 to $21.45.