ABG rockets after Barrick ousts CEO

Shares in FTSE 250 gold miner African Barrick Gold (ABG) surged in afternoon trading on Wednesday after its US parent company announced that it has replaced its President and Chief Executive Officer Aaron Regent.

Regent, who has been serving in his position at Barrick Gold since the start of 2009, will be succeeded by Executive Vice President and Chief Financial Officer Jamie Sokalsky.

"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," said Barrick's founder and Chairman Peter Munk.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

Shares of the New York-listed company, the largest gold miner in the world, hit a 52-week low in May of $34.82, well below the year-high of $55.95 reached last September.

Meanwhile, ABG said in a statement: "With respect to Aaron Regent's position on the ABG board and role as Chairman we will provide further details in due course."

Before the close of trade on Wednesday, ABG's shares were up 14.85% at 401.3p.

BC