Worried they are being given the cold shoulder by an imperious leadership, shareholders of Barrick Gold Corp, the world's biggest gold miner, are taking a "show me" approach to the company's latest management shakeup. Barrick said last week that Chief Executive Jamie Sokalsky will leave the company in September. He will be replaced by two co-presidents, a move that concentrates power in the hands of Executive Chairman John Thornton, a man handpicked for the job by Peter Munk, who founded the company and ran it his way for decades."The concern in this situation is that the person setting the strategy does not listen to the shareholders, who are the real owners of the company," said Chris Mancini, an analyst at Gabelli Gold Fund, which owns more than 2.4 million shares in Barrick according to Thomson Reuters data."There was a concern within the market that Mr. Munk was not listening to shareholders...And so if Mr. Thornton also doesn't listen to shareholders that could be a problem again."Munk stepped down as chairman in April in the face of investor criticism, and with the exit of Sokalsky, Thornton is now both more free and under greater pressure to map out a clear strategy to cut Barrick's lofty debt levels, boost profits and eventually raise dividends.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 0.47% or $-0.09/share to $19.10. In the past year, the shares have traded as low as $15.26 and as high as $21.45. On average, 10292000 shares of ABX exchange hands on a given day and today's volume is recorded at 7394915.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 0.53% or $-0.11/share to $20.51. In the past year, the shares have traded as low as $16.19 and as high as $23.78. On average, 2516900 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 1306811.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.35% or $-0.13/share to $36.66. In the past year, the shares have traded as low as $32.87 and as high as $38.73. On average, 748940 shares of TRI exchange hands on a given day and today's volume is recorded at 458452.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.38% or $-0.15/share to $39.31. In the past year, the shares have traded as low as $34.52 and as high as $42.10. On average, 588313 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 456854.
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