This marks the first management change at the company since Thornton became sole chairman in April. Barrick did not name a successor, but instead split the role between two co-presidents in a somewhat unorthodox move. Senior executive vice president Kelvin Dushnisky and COO Jim Gowans will act as co-presidents.
Barrick Gold has lost approximately 60% of its value in the last two years, according to The Wall Street Journal.
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The stock was up 2.78% to $18.84 at 1:58 p.m. on Wednesday.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: