Barrick Gold Corp. announced that president and chief executive officer Jamie Sokalsky will step down in September as the company makes changes to its management structure.
The gold miner said he will be replaced by senior executive vice-president Kelvin Dushnisky and executive vice-president Jim Gowans who will serve as co-presidents, the Toronto Star reported.
Barrick says the plan will allow it to better manage relationships with local governments in the countries where it operates, as well as with communities and external stakeholders.
The changes will take effect on Sept. 15 with Sokalsky helping with the transition process.
Sokalsky took over the company two years ago. He had been with Barrick for 20 years before that in various roles, including chief financial officer. He was brought into the job after the sudden exit of Aaron Regent.
Other planned changes include appointing chief financial officer Ammar Al-Joundi to the additional role of senior executive vice-president to work on the company’s strategic initiatives, the Toronto Star reported.
Senior vice-president of human resources Darian Rich will take on the newly created role of executive vice-president of talent management, intended to retain and develop future employees.
Barrick says the changes will help the company “meet the distinct demands and challenges of the mining industry in the 21st century.”
In April, longtime merger talks between Barrick and Newmont Mining Corp. collapsed and turned into a blame game over which side failed to make it happen.
Barrick has also been selling off what it considers non-core operations in an effort to reduce its debt.