ABG replaces Chairman after Barrick shakes up board

Following the departure of Aaron Regent from African Barrick Gold's (ABG's) parent company, the FTSE 250 gold miner confirmed on Thursday that he would be also be stepping down as its Chairman.

US-listed Barrick Gold, the world's largest gold producer, revealed on Wednesday afternoon that Regent, the President and Chief Executive Officer, would be replaced by Executive Vice President and Chief Financial Officer Jamie Sokalsky.

Barrick's founder and Chairman Peter Munk said: "On behalf of our board, I would like to thank Aaron for his significant contribution to Barrick's development. We are fully committed to maximising shareholder value, but have been disappointed with our share price performance."

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The news sent ABG's share price surge by around 15%.

Barrick subsidiary ABG has said that Senior Independent Director Derek Pannell will become Acting Chairman of its board. He said: "On behalf of ABG's Board I would like to thank Aaron for his leadership over the past few years, from launching ABG through the IPO process; his commitment to the board since the Company's inception; and his guidance and support in the development of ABG as public company as we built our own platform for future growth and success."

ABG also announced that Kelvin Paul Michael Dushnisky, Executive Vice President of Corporate and Legal Affairs, will be a new nominee director.

Shares pulled back after Wednesday's strong rise, down 1.53% at 394.08p in the opening minutes.

BC