Barrick Gold reshuffles top management team

Barrick Gold reshuffles top management team

Co-President Kelvin Dushnisky will take over as president as the world’s largest gold producer restructures management to boost efficiencies. Image: (Screenshot of a Barrick video, via YouTube)

Barrick Gold (TSX:ABX), (NYSE:ABX), the world’s largest bullion miner by total output, announced Monday a major shakeup of its management team, which makes of Kelvin Dushnisky the sole president of the company, effective immediately.

Dushnisky previously held the title of co-president along with Jim Gowans, who will act as senior adviser to Chairman John Thornton until Gowans retires from Barrick at the end of the year, the firm said. Richard Williams, who was chief of staff, has become chief operating officer, reporting to the newly appointed president.

The changes are the latest in a string of management reshuffles at the Toronto-based company in recent years. In 2014, the miner eliminated the chief executive role and solidified Thornton's role within the company. This happened shortly after former CEO Jamie Sokalsky left the company.

“As we work to accelerate Barrick’s return to the lean, decentralized model that drove the company’s early success, the time is right to put a structure in place that supports this vision,“ Thornton said in today’s statement. ”As president, Kelvin will ensure the entire company remains focused on our primary objective, maximizing free cash flow per share from a portfolio of high-quality gold assets in our core regions. As chief operating officer, Richard will drive organizational efficiencies, with a focus on enabling our mine managers to deliver on our business objectives.”

Earlier this month, Barrick cut its quarterly dividend and reported a net loss for the second quarter.

Both Dushnisky and Williams are now the main executives responsible of assuring the Barrick reaches its goal of cutting costs by $2 billion by the end of 2016.