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Barrick CEO given the chop

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Barrick has ousted CEO Jamie Sokalsky in a surprise management shake up.

The global miner yesterday announced a new executive management structure, that will see Sokalsky step down in September, and put more power in the hands of Barrick's newly appointed chairman John Thornton.

It made this move to "meet the distinct demands and challenges of the mining industry in the 21st century," the miner stated.

Sokalsky led the company in to a massive sell off of its Australian assets, and had slated around $2 billion in cost cutting measures late last year.

Kelvin Dushnisky, a current senior executive vice president, and Jim Gowans, the current COO, will be appointed as co-presidents with responsibility for execution of the company's strategic 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," Barrick said in a company statement.

Ammar Al-Joundi will be promoted to CFO.

"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,” Thornton said.

“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.”

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