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Barrick founder to retire, miner overhauls board

December 4, 2013

TORONTO (AP) — Barrick chairman Peter Munk is retiring from the company he built into the world’s largest gold producer.

Barrick announced Wednesday a major shakeup of its board of directors.

Shareholders have been demanding changes as falling gold prices, rising costs and a sagging stock price have plagued Barrick. The company also recently indefinitely suspended construction of its troubled Pascua-Lama gold mine on the Chile-Argentine border.

Munk, 86, will step down from the board at its 2014 annual meeting. He founded the miner 30 years ago.

John Thornton, who has shared the chairman’s duties with Munk, will be chairman. Howard Beck and former Canadian prime minister Brian Mulroney will not stand for re-election as directors. Barrick says four new independent directors will be nominated.

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