Barrick slashes jobs at head office; director Anthony Munk to resign

Section:

By Niall McGee
The Globe & Mail, Toronto
Friday, December 21, 2018

Barrick Gold Corp. is making deep cuts to its Toronto head office even before its acquisition of Randgold Resources Ltd. has closed -- and long-standing director Anthony Munk is stepping down from the board.

About 95 people, more than half of Barrick's head-office staff, have already been given layoff notices, according to sources familiar with the matter who aren't authorized to speak to media. Most of the staff have already departed and a minority will stay on until the end of February.

... Dispatch continues below ...



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After the US$6-billion deal with Randgold was announced in September, Barrick employed about 150 people in its Toronto office. At the time, Barrick said its continuing decentralization push may result in "some workforce reduction" and any cuts were expected to be identified within 12 months of the deal closing.

But the pace of layoffs appears to be quicker than expected -- at least at the head office.

The Toronto layoffs affect finance, capital allocation, communications, and investor relations, sources said. Almost the entire digital team -- about 15 people -- has been cut, sources said, and the company will now occupy only one floor in its Toronto building, as opposed to two.

Mr. Munk, son of Barrick founder and former chairman Peter Munk, has tendered his resignation from the board. Anthony Munk has been on the board for 22 years. He is also senior managing director with Canadian private-equity firm Onex Corp. Mr. Munk felt the timing was right in light of the death of his father earlier in the year and the change in leadership at Barrick, said a source familar with the situation. ...

... For the remainder of the report:

https://www.theglobeandmail.com/business/article-barrick-gold-slashes-jo...

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