UPDATE 1-Barrick Gold announces departure of two more directors

Tue Dec 17, 2013 5:44pm EST
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TORONTO Dec 17 (Reuters) - Barrick Gold Corp said in a surprise announcement on Tuesday that two long-time directors, Donald Carty and Robert Franklin, have resigned from the company's board with immediate effect.

The announcement comes less than two weeks after the world's largest gold producer announced a major boardroom shake-up, and the planned departure of its founder and chairman, Peter Munk.

Barrick Gold, under fire for missteps in a tough market, began to address investor demands for a more independent board earlier this month, by replacing two directors close to its departing founder with a couple of mining industry experts.

As widely expected, Barrick confirmed at the time that Co-Chair John Thornton would replace 86-year-old chairman and founder Peter Munk this spring. It also announced that former Canadian Prime Minister Brian Mulroney and retired lawyer Howard Beck, both long-term directors, will not stand for re-election at the next annual meeting.

Barrick did not give a reason for the departures of Franklin and Carty, both of whom joined its board in 2006, when the company acquired Placer Dome.