Mark Bristow, who had led Barrick Mining since its merger with Randgold Resources, speaks at the Investing in African Mining Indaba in South Africa in February.Esa Alexander/Reuters
Barrick Mining Corp. ABX-T, one of the country’s largest gold miners, cut ties with chief executive officer Mark Bristow on Monday and named a company veteran as its interim CEO.
Toronto-based Barrick said Mr. Bristow had departed, effective immediately, after seven years at the helm. The company named Mark Hill, who joined Barrick in 2006 and was running its Latin American and Asia Pacific operations, as group chief operating officer and interim president and CEO.
Mark Hill, who was running Barrick's Latin American and Asia Pacific operations, has been named interim CEO.Matthew Plexman/Supplied
“We are delighted to welcome Mark Hill as Group COO and Interim President and CEO,” said Barrick executive chair John Thornton in a press release. “His caliber, experience and deep knowledge of the company will ensure we maintain momentum.”
Over the past year, Mr. Bristow, aged 66, told analysts and investors he planned to be at Barrick for three more years.
“This will be a surprise to the market,” said analyst Matthew Murphy at BMO Capital Markets in a report on Monday. “We believe this was a decision of the board and may have been related to stock underperformance vs peers in recent years.”
Barrick’s share price initially rose by 3 per cent on the Toronto Stock Exchange on news of the CEO’s departure. By mid-morning Monday, Barrick shares were up by 0.12 per cent.
“Following today’s news, we believe the strategic outlook of Barrick is less certain and Barrick’s leadership transition could be a catalyst for future changes to this, potentially either positive or negative,” said analyst Josh Wolfson at RBC Capital Markets in a report.
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Barrick has hired executive search firm Egon Zehnder to find a new CEO and will consider internal and external candidates. The company said it expects to meet performance expectations set out in its most recent quarterly financial results, released in August.
Mr. Bristow became CEO of Barrick after the company merged with Randgold Resources Ltd., which he ran. Since then, Barrick’s stock price has underperformed peers such as Agnico Eagle Mines Ltd., the country’s largest gold miner.
The South African-born Mr. Bristow faced challenges with governments in a number of countries that are home to Barrick mines, including standoffs in Tanzania, Papua New Guinea and Mali that led to temporary closures.
“On behalf of the board, I want to thank Mark for his leadership of Barrick,” said Mr. Thornton, former president of Goldman Sachs Group Inc. ”During his tenure, Mark strengthened our portfolio and helped position Barrick as a leading global producer of gold and copper."
In 2023, Barrick paid Mr. Bristow US$12.7-million, including a US$4.1-million cash bonus. Proxy advisory firm Glass, Lewis & Co. censured Barrick for the CEO’s compensation package, which came in a year when five employees were killed in accidents at mine sites.