Barrick names BlackRock exec as head of business performance

Fri May 1, 2015 11:40am EDT
 
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By Euan Rocha

TORONTO May 1 (Reuters) - Barrick Gold Corp on Friday named Catherine Raw, a BlackRock executive and co-manager of one of its flagship mining funds, as head of business performance.

BlackRock, one of the world's largest asset managers, announced in March that Raw was leaving to take a corporate position in the mining sector. She had headed the firm's mining fund with BlackRock veteran Evy Hambro since 2011.

Barrick said Raw's experience at one of the top investors in the mining sector gives her an intimate knowledge of the global mining investment universe. She will seek greater rigor in financial analysis, planning and performance management across the company.

The Toronto-based gold mining group has been reshaping its structure and shaking up management under Executive Chairman John Thornton, as he attempts to decentralize its structure and give more control to its mine managers.

At the annual meeting this week, shareholders revolted against its executive compensation plan, especially a $12.9 million pay package for Thornton.

Nearly three-quarters of the shares voted at the meeting were against the company's advisory say-on-pay vote, and shareholders also expressed their displeasure by withholding a large number of votes from members of the board's compensation committee.

Thornton vowed to fix the executive compensation plan, especially his own package. (Additional reporting by Freya Berry; Editing by Jeffrey Benkoe)