Barrick Announces New Executive Management Structure

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Barrick Gold Corporation 
NYSE SYMBOL:  ABX
TSX SYMBOL:  ABX 
JULY 16, 2014 
Barrick Announces New Executive Management Structure 
TORONTO, ONTARIO--(Marketwired - July 16, 2014) - The Board of Directors of
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the
"company") today unveiled a new executive management structure that
will enable the company to meet the distinct demands and challenges of the
mining industry in the 21st century. 
Kelvin Dushnisky, currently Senior Executive Vice President responsible for
Corporate and Government Affairs and Chairman of African Barrick Gold plc, and
Jim Gowans, currently Executive Vice President and Chief Operating Officer,
will be appointed Co-Presidents with overall responsibility for execution of
the company's strategic priorities and operating plans. This model
reflects the interconnected nature, and strategic importance of jointly
managing day-to-day mining operations and the company's relationships with
host governments, local communities and other external stakeholders. As
Co-Presidents, Messrs. Dushnisky and Gowans will be responsible for the
seamless execution of both functions at all times. 
Ammar Al-Joundi will be promoted to Senior Executive Vice President and Chief
Financial Officer and will also work closely with the Chairman on the
development and execution of strategic initiatives.  
Darian Rich will become Executive Vice President, Talent Management, a new
position that reflects the critical requirement that any company seeking to be
the leader in its field must attract, retain and develop exceptional people.  
In conjunction with this restructuring, President and Chief Executive Officer
Jamie Sokalsky will be stepping down effective September 15, 2014. In the
interim, Mr. Sokalsky will assist in facilitating a smooth transition to the
new leadership structure. 
"These structural changes put an even greater emphasis on operational
excellence, and will accelerate our portfolio optimization and cost reduction
initiatives, while fostering a partnership culture both inside the company and
externally," said Chairman John Thornton. "Internally, that means our
people will be financially invested for the long-term in Barrick's
success, and personally committed to a culture of teamwork that balances
individual and collective responsibility and accountability. Externally it
means building enduring partnerships with the key stakeholders who are central
to our success, including long-term investors, host governments, local
communities and NGOs." 
"On behalf of the entire Barrick team, I would like to thank Jamie for his
many contributions to the development and success of the company over 20
years," added Mr. Thornton. "The changes we are announcing today
build on the operating model that Jamie and his team implemented over the past
year, setting the stage for us to move forward as a nimble, more versatile
company focused on shareholder returns." 
During his tenure as CEO, Mr. Sokalsky introduced a strategy to prioritize
returns and free cash flow over production growth and led a company-wide
portfolio optimization program. He also spearheaded successful initiatives to
reduce costs and strengthen the company's balance sheet. 
"I'm fortunate to have worked with so many great people over my
career at Barrick and I'm particularly proud of what we have been able to
accomplish over the past two years with the support and dedication of the
entire Barrick team," said Mr. Sokalsky. "It is now time for the next
phase of the company's development. I believe our new management structure
will allow Barrick to address successfully the key challenges facing the mining
industry today, and in turn, will position the company to deliver superior
returns to its shareholders in the future." 
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 
Certain information contained or incorporated by reference in this press
release, including any information as to our strategy, projects, plans or
future financial or operating performance, constitutes "forward-looking
statements". All statements, other than statements of historical fact, are
forward-looking statements. The word "will" and similar expressions
identify forward-looking statements. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by the company, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those projected in
the forward-looking statements. Such factors include, but are not limited to:
fluctuations in the spot and forward price of gold and copper or certain other
commodities; changes in national and local government legislation, taxation,
controls, regulations, expropriation or nationalization of property and
political or economic developments in Canada, the United States and other
jurisdictions in which the company does or may carry on business in the future;
and our ability to successfully complete transactions. Many of these
uncertainties and contingencies can affect our actual results and could cause
actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers are cautioned
that forward-looking statements are not guarantees of future performance. All
of the forward-looking statements made in this press release are qualified by
these cautionary statements. Specific reference is made to the most recent Form
40-F/Annual Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a discussion of some of the factors
underlying forward-looking statements.  
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FOR FURTHER INFORMATION PLEASE CONTACT: 
INVESTOR CONTACT: Amy Schwalm
Vice President, Investor Relations
(416) 307-7422
aschwalm@barrick.com
or
MEDIA CONTACT: Andy Lloyd
Vice President, Communications
(416) 307-7414
alloyd@barrick.com 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
SUBJECT:  PER 
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-0- Jul/16/2014 13:20 GMT
 
 
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