Barrick removes CEO on disappointing share price
NEW YORK (AP) ? Canadian mining company Barrick Gold Corp. has ousted its top executive, citing its disappointing share price performance.
The stock rose almost 2 percent in premarket trading.
The world's largest gold producer said Wednesday that President and CEO Aaron Regent is being replaced by Chief Financial Officer Jamie Sokalsky. Regent has been in those roles since 2009.
Sokalsky joined Barrick in 1993 and became CFO in 1999. Sokalsky has also replaced Regent on the company's board.
Barrick's founder and chairman, Peter Munk, said in a statement that the Toronto-based company has been disappointed with its share price performance. Shares have lost as much as 37 percent from their 12-month high in September.
In May, Barrick reported a slightly higher first-quarter profit as a 22 percent jump in gold prices and better copper sales countered higher production costs. Revenue increased 18 percent to $3.64 billion.
Barrick sold 1.78 million ounces of gold at an average price of $1,691 per ounce in the first quarter. A year ago, gold sales totaled 1.86 million ounces at an average price of $1,389 per ounce.
Its U.S.-traded shares rose 55 cents, or 1.3 percent, to $42.60 in trading ahead of Wednesday's market opening.
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