Peter Munk built Barrick Gold Corp. into the world’s largest gold producer by expanding into Africa and South America. Now former Goldman Sachs Group Inc. President John Thornton is betting on China to help revive the beleaguered company’s fortunes.
A week before Barrick Gold Corp. Chairman Peter Munk retires, his successor John Thornton is emerging as a dealmaker as the former Goldman Sachs Group Inc. banker pursues a bid to combine the two biggest gold miners.
Barrick Gold Corp., criticized by investors for its pay practices as the stock plunged, cut compensation for co-Chairman John Thornton and Chief Executive Officer Jamie Sokalsky, and will force them to hold their shares as long as they work for the gold miner.
Ask Peter Munk, the founder and former chairman of Barrick Gold Corp., whom he most admires in the mining industry, and you get a passionate, digressive response, along with a possible clue to the direction of the world’s largest gold producer.
John Thornton’s start tomorrow as chairman of Barrick Gold Corp., succeeding founder Peter Munk at the largest gold producer, is being overshadowed by the acrimonious failure of merger talks with its biggest rival and opposition to executive compensation plans.