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Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,902,835
Close 2018-08-13 C$ 13.76
Market Cap C$ 16,056,583,010
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Post says Barrick boss Thornton wants to do it his way

2018-08-13 09:33 ET - In the News

The Financial Post reports in its Saturday edition that with Barrick Gold about to lose its title as world's largest gold producer, and its stock nearing a low-point for the year, executive chairman John Thornton called a town-hall meeting this week to insist his strategy is working and the rest of the industry has it wrong. The Post's Gabriel Friedman writes that describing it as an "industry disease," Mr. Thornton lambasted his rivals, bankers, researchers, shareholders and others who value growth in production over growth in profits. "The whole industry gets itself into a bad habit," he said in a transcript posted on the company's website. "It's kind of an echo chamber, and they encourage each other towards what I would call bad behaviour. They don't see it that way, but I see it that way." Mr. Thornton, 64, a latecomer to the mining industry, joined Barrick as co-chairman in 2012 after a previous career as president of Goldman Sachs. Now he is facing a leadership test: Since eliminating the role of a chief executive officer in 2014, Mr. Thornton has been at the helm of the company as its executive chairman. Investors are losing confidence. The stock closed Friday at $10.86, down from its 52-week high of $18.35.

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