Canadian Barrick Gold (TSX:ABX) announced Wednesday a major shakeup of its management team, saying that it has replaced Aaron Regent as president and chief executive officer by Jamie Sokalsky, who was the company's chief financial officer.
The world's largest gold miner also revealed director John L. Thornton has been appointed co-chairman with Barrick's founder Peter Munk.
What it was not divulged were the details about why the Toronto-based company decided to make this move, though Munk did hint at the weak share price.
“We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our board has every confidence in Jamie’s experience and ability to take the company forward,” he said in a statement.
Last month, Barrick increased its dividend by 33%, in a move that was welcome by investors, who have been calling for a bigger piece of the pie for years. Barrick thought the decision would help push up share prices that have underperformed increases in the gold price over the last decade.
Shares of Barrick closed at $43.70 Cdn on Tuesday in trading on the Toronto Stock Exchange.
(Image: Aaron Regent in a TV interview on February, You Tube)