Barrick Gold Corp. is losing its long-serving, number two executive, with the world’s biggest gold company seemingly blindsided by his departure.
After a 16-year run at Barrick, Kelvin Dushnisky is leaving his role as president, to become chief executive of South African gold major, AngloGold Ashanti Ltd.
His departure comes at a time when Barrick is struggling with a dwindling reserve base, locked in a geopolitical standoff in Tanzania and grappling with a flat gold price. Barrick did not announce a successor for Mr. Dushnisky on Monday, saying it will name one in “due course.”
“The uncertainty surrounding the change in senior management could weigh on Barrick’s shares,” wrote RBC Dominion Securities Inc. analyst Stephen Walker in a note to clients on Monday. Shares in Barrick, which are down 13 per cent this year, fell by 4.3 per cent Monday to close at $15.54 apiece on the Toronto Stock Exchange.
A lawyer by training, Mr. Dushnisky, 55, joined Barrick in 2002, as director of regulatory affairs, having previously held management positions at EuroZinc Mining and Sutton Resources. He slowly rose through Barrick’s ranks and was appointed co-president in 2014, alongside Jim Gowans. In 2015, he was named sole president after Mr. Gowans left.