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Barrick boss receives $10m bonus for Randgold merger

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The producer hikes former Goldman Sachs president John Thornton's compensation for 2018 by nearly 70% to $12.9m

New York — Barrick Gold boosted executive chair John Thornton’s total compensation for 2018 by 67% to $12.9m, rewarding the former investment banker for the company’s performance and his role in the merger with Randgold Resources.

The package was partly based on Thornton’s work overseeing the $5.4bn tie-up with Randgold, the filing said. The shares he purchased with his bonus must be held until he retires or leaves the company. While Thornton has overseen years of budget-slashing measures to pay down the miner’s debt, Mark Bristow, named Barrick’s CEO in January following its acquisition of Randgold, also is known for a relentless focus on costs.Large investors have become increasingly critical of hefty executive pay at gold miners in light of lacklustre stock performance in recent years.

The Pueblo Viejo gold mine in the Dominican Republic, in which Barrick Gold owns 60%. Picture: REUTERS/RICARDO ROJAS

 

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Business Maverick: Barrick’s Deal-Making Chairman Awarded $12.9 Million in 2018Barrick Gold Corp. boosted Executive Chairman John Thornton’s total compensation last year 67 percent to $12.9 million, rewarding the former investment banker for the company’s performance and his role in the merger with Randgold Resources Ltd.
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