Barrick Gold Corp. shareholders sent a message to the company in 2013 by opposing a US$17-million pay package for new recruit John Thornton. Now, the gold miner may end up paying its new chief executive officer even more.
Mark Bristow took over as Barrick’s CEO as it completed its recent acquisition of Randgold Resources Ltd., where he was CEO. He stands to earn as much as US$18-million at Barrick this year, subject to performance measures being met.
In a regulatory document, Barrick disclosed that Mr. Bristow’s compensation will include a salary of US$1.8-million and a cash bonus of up to three times his salary that could be worth US$5.4-million.
In addition, he would receive stock units up to six times his salary that could be worth US$10.8-million. The bonus and stock compensation will be paid based on performance. Mr. Bristow’s salary at Barrick will be identical to what he made at Randgold. His cash bonus range is similar, but Barrick’s stock-awards plan is more generous.
“It feels large,” said Benoit Gervais, veteran precious-metals money manager with Mackenzie Financial, of Mr. Bristow’s compensation range, especially considering Barrick will also be on the hook for another sizable package for Mr. Thornton, who remains with the company as executive chair.
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