Ben van Beurden is pictured in 2018, while he was chief executive officer of Shell. He is stepping down as Barrick's lead independent director after a short period in the role.SERGEI KARPUKHIN/Reuters
Barrick Mining Corp.’s ABX-T lead independent director, Ben van Beurden, abruptly left the big Canadian gold miner after plans for him to succeed John Thornton as chairman fell apart, two sources told The Globe and Mail.
Toronto-based Barrick on Wednesday said that Mr. van Beurden, who had only been a director since May, had stepped down.
No rationale was provided for Mr. van Beurden’s abrupt departure after such a short period of time. His predecessor, Brett Harvey, had served as lead director for 12 years.
Sources familiar with the matter said a motivating factor for Mr. van Beurden’s exit was a change to the plan that would have made him Barrick’s next chairman.
Mr. Thornton has held the chair position since 2024. Before that, he was executive chair for a decade, meaning he had added responsibility for overseeing day-to-day operations.
The Globe is not identifying the sources because they were not authorized to speak publicly.
Barrick declined comment. Mr. van Beurden could not be reached.
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His departure is the latest in a series of sudden leadership changes at Canada’s second-biggest gold mining company, which has a market value of $98-billion.
In late September, chief executive officer Mark Bristow left after having been in the role since 2019, and no explanation was provided by the company. Last week, Barrick also cut ties with several more executives, including Kevin Thomson, senior executive vice-president of strategic matters, and Christine Keener, chief operating officer for North America.
The changes at Barrick’s board and management team are happening at the same time that a U.S. activist is agitating for change behind the scenes.
The Globe reported last week that Elliott Investment Management LP recently amassed a $1-billion stake in Barrick. Elliott is pushing for a split of the company that would separate its North American mines from the other riskier part of its business, such as its African operations, and its giant new Pakistani project.
But amid Elliott’s pressure campaign, inside Barrick there is evidence that management might not be interested in going that route, or may need a big push to get on board.
Martin Pradier, an analyst with Veritas Investment Research, said that during a dinner he attended alongside other analysts on Nov. 10, Barrick interim CEO Mark Hill was asked if a split of the company was something Barrick would entertain.
Mr. Pradier said that Mr. Hill responded that he doesn’t want to do that.
Not proceeding with a split potentially would put Barrick on a collision course with Elliott, which has built a reputation in the mining industry as a pugnacious and persistent investor that digs in its heels.
Elliott declined comment for this story.
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When Mr. van Beurden was made lead director in August, Barrick trumpeted his decades of experience in the energy and natural resources sectors.
“Ben’s strategic acumen, global perspective and deep experience in sustainable business management will further enhance our ability to deliver lasting, responsible value to shareholders,” Mr. Thornton said at the time.
A Dutch citizen and a chemical engineer, Mr. van Beurden was CEO of Shell for nine years until 2022. While at Barrick, he was simultaneously senior adviser for climate strategy at private equity firm KKR & Co. Inc., a member of the supervisory board at Mercedes-Benz Group AG, and chair of Swiss specialty chemicals company Clariant.
Mr. van Beurden will be succeeded as lead director at Barrick by Loreto Silva, who was previously a non-executive director.
For the better part of a decade, Barrick has underperformed peers such as Agnico Eagle Mines Ltd., consistently missing its production numbers, struggling with rising costs in Nevada, and performing far worse on safety metrics, with 19 people dying in industrial accidents since 2020.
The Globe reported that Mr. Bristow’s departure came after he repeatedly clashed with Mr. Thornton. Mr. Bristow rallied a major shareholder in his corner, only for the strategy to backfire, with Mr. Thornton ultimately leading the board of directors to push Mr. Bristow out, The Globe reported.
Mr. Thornton, who is in his 70s, has served in various roles at Barrick since 2012, first as co-chairman, then a major promotion to executive chair, and finally, in 2024, a demotion to chair.
In Barrick’s Wednesday statement, Mr. Thornton said the company has “industry-leading assets” and a strengthened leadership team that is fully aligned on delivering its strategic priorities.
With a report by Andrew Willis