https://www.theglobeandmail.com/
The power structure at the upper tiers of the world’s second biggest gold company is shifting with the diminution in the role played by long-term Barrick Gold Corp. executive chairman John Thornton. Toronto-based Barrick on Wednesday announced that Mr. Thornton has moved from the role of executive chairman to chairman, a position that carries fewer responsibilities, lower pay, and much more clearly-defined parameters.
Barrick said the change in Mr. Thornton’s role was driven in part by governance considerations. In a regulatory disclosure alongside its latest quarterly earnings, Barrick said that considering Mr. Thornton had achieved key objectives following the company’s 2019 acquisition of Randgold Resources Ltd., this was both the right time for him to transition to chairman, and for the company to do away with the executive chairman role.
“This governance structure is best suited for the company’s next growth phase,” Barrick said. Most Canadian companies don’t have executive chairs, and the parameters around what an executive chair does aren’t clearly defined either.
While responsible for running the board of directors, an executive chair also has the ability to get involved in operations or strategy on a daily basis, and essentially act as second chief executive.
For the rest of this article: https://www.theglobeandmail.com/business/article-barrick-gold-executive-shuffle-sees-john-thornton-moved-to-chair/