Barrick Gold (NYSE: ABX) today announced refinements to its management structure as part of the company’s strategy to create long-term value for its owners as a more focused and efficient business, in line with the mindset and model that drove Barrick’s early success.
Kelvin Dushnisky, most recently Co-President, has been appointed President. Richard Williams, previously Chief of Staff, has been appointed Chief Operating Officer and will report to Mr. Dushnisky.
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Mr. Dushnisky will have overall responsibility for execution of the company’s strategic priorities, with a focus on improving productivity and driving down costs. Mr. Williams will lead the day-to-day implementation of these objectives. They are charged with driving the organization to reach our target of $2 billion in reduced expenditures across the company by the end of 2016.
Central to this effort is Mr. Maree, a seasoned mining industry professional with more than 35 years of experience in operations, mineral processing and mine plan optimization.
“As we become leaner, more efficient and more keenly focused on a smaller number of core assets, we are empowering our leaders in the field to function as true business owners. We believe that with the right talent in place, the best business decisions are made closest to the ground. Jim Gowans has trained and mentored our mine managers in this mindset for over a year and a half, preparing them to take on more responsibility and accountability. As we work to accelerate Barrick’s return to the lean, decentralized model that drove the company’s early success, the time is right to put a structure in place that supports this vision, ” said Barrick Chairman John L. Thornton. “As President, Kelvin will ensure the entire company remains focused on our primary objective, maximizing free cash flow per share from a portfolio of high-quality gold assets in our core regions. As Chief Operating Officer, Richard will drive organizational efficiencies, with a focus on enabling our mine managers to deliver on our business objectives. Basie will provide strategic technical advice and support to the operations, ensuring our mine managers have the information and tools they need to realize the full potential of each mine.”
