By Alex MacDonald
LONDON--Barrick Gold Corp. (ABX), the world's largest gold
miner, said Friday that it has hired Catherine Raw, a former
co-fund manager of BlackRock's flagship mining funds, to become
Business Performance Executive Vice President with immediate
effect.
Ms. Raw will report directly to Barrick's Chairman John Thornton
and play an important role in the embattled company's strategy
development and execution, according to an internal company memo
seen by The Wall Street Journal. She will also work with Barrick's
investor relations team to build and articulate the company's
investment case, the chairman said in the memo.
Barrick Gold has been under fire in recent weeks from its
investors.
Tuesday the company's shareholders overwhelmingly opposed its
executive compensation practices in a vote that was nonbinding,
marking a blow for Mr. Thornton whose $13 million pay package for
2014 was the main target of shareholder's ire. Investors have said
Mr. Thornton's 36% pay raise last year was excessive given the
company's shares lost around one-third of their value in 2014.
Barrick faces others problems, not least a gold price still well
below its 2011 high and its large debt pile. Monday, Barrick posted
lower-than-expected earnings and production for the first quarter
of 2015.
"Catherine's background, combining a foundation in geology with
over a decade of experience in mining investment, brings to Barrick
a unique skill set and deep insight that will complement and
enhance the capabilities of our leadership team," said Mr.
Thornton.
Prior to joining BlackRock in 2003, Ms. Raw worked at Anglo
American PLC (AAL.LN) in London and Johannesburg and as a
geological field assistant in Sweden. Ms. Raw holds a Master's
degree in Natural Sciences, with Honors, from Downing College,
University of Cambridge, and a Master of Science in Mineral Project
Appraisal from Imperial College, London.
(Alistair MacDonald contributed to this story.)
Write to Alex MacDonald at alex.macdonald@wsj.com
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