Thornton received a $9.74 million bonus on top of his $2.5 million salary, according to a regulatory filing Friday. He used most of the after-tax proceeds of the bonus to buy 215,000 Barrick shares, the filing said. He also got about $625,000 of pension contributions and perks, including insurance premiums. In 2017, Thornton got $7.7 million in total pay.
The former president of Goldman Sachs Group Inc. has long been among the most vocal critics of irresponsible spending practices by gold miners, frequently saying the industry is in dire need of an overhaul. While Thornton has overseen years of budget-slashing measures to pay down the miner’s debt, Mark Bristow, named Barrick’s chief executive officer in January following its acquisition of Randgold, also is known for a relentless focus on costs.
Barrick’s Randgold deal was followed last month by a sweeping joint venture with Colorado-based Newmont Mining Corp. in Nevada. Barrick has said the latter will yield $4.7 billion in synergies.
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