Canadian mining giant Barrick Gold Corp. is initiating a significant leadership and operational shakeup, a move that comes amid intense market speculation about a potential breakup or acquisition of the company.
Executive Departures and Operational Consolidation
The restructuring, confirmed in an internal memo from CEO Mark Hill dated November 19, 2025, sees the departure of two senior managers and a top executive. Kevin Thomson, who led corporate development, Christine Keener, the Chief Operating Officer for North America, and Kevin Annett, the North American Chief Financial Officer, are all leaving the company.
Their roles will be filled by George Joannou, Tim Cribb, and Wessel Hamman, respectively. The overhaul also includes a consolidation of Barrick's regional operating model. The company plans to integrate its Dominican Republic mine into its North American operations, while merging its Latin American and Asia Pacific divisions into a single unit.
Pressure from Activists and Operational Challenges
This strategic pivot coincides with activist investor Elliott Investment Management LP taking a large stake in Barrick. The gold producer has faced mounting pressure from shareholders after a series of operational missteps and cost overruns caused its stock performance to lag behind industry peers, despite a surge in bullion prices.
Barrick's challenges have been compounded by the seizure of a key mine in Mali and three worker fatalities this year. CEO Hill described the company's safety record as "deeply concerning" and acknowledged that operational delivery has been "inconsistent." The sudden departure of former CEO Mark Bristow in September further added to the corporate turbulence.
Breakup Speculation and Strategic Shifts
The management changes arrive as reports circulate that Barrick has been evaluating a potential breakup, which could involve splitting into two separate listed entities. Adding to the speculation, a Bloomberg report last month indicated that rival Newmont Corp. has explored a deal to gain control of the two companies' prized Nevada mines.
In his memo, Hill stated that while the company's fundamentals are excellent, it "cannot continue to operate in this way." He emphasized that the changes are designed to "evolve our operating model to align more closely with our strategic priorities and focus leadership where it has the greatest impact."
Highlighting the significance of its massive Reko Diq copper project in Pakistan, Barrick will grant the asset its own dedicated leadership structure, with Chad Coulin appointed as its project director. Gui Recena Costa will lead the newly consolidated Latin American operations.
Despite a 119% surge in its share price over the past year, Barrick's performance has still trailed the 131% average gain of its peers, as investors flock to gold amid government debt concerns and central banks diversifying away from the U.S. dollar.
