Barrick Gold Corp. (
TSX: T.ABX,
Stock Forum) Chairman Peter Munk bid an emotional farewell at the company’s annual meeting in Toronto Wednesday, reminding shareholders of his unique legacy and paying a glowing tribute to his successors.
The 86-year-old Barrick founder said he is handing over the leadership reigns to what he dubbed the “best A team that the company has ever had.”
“This is a team I would bet on,’’ he said.
Wednesday’s meeting was a much anticipated swan song for Munk, who is retiring from the company he co-founded in 1983. In the past 30 years, he has turned it from penny stock status into one of Canada’s iconic companies, and the world’s leading gold producer.
It is a company that operates in 22 countries, has 25,000 on the payroll and has paid $8 billion in direct taxes, he said.
Munk said 2013 has been an “annus horribilis” for Barrick, a year when the company was forced to write off US$12 billion and saw its stock price sink as low as $14.22.
However, Munk said his successor John Thornton was the best man he could find to take the company forward.
Under Thornton, Munk said he hopes Barrick’s future will be as "glorious, exciting, stimulating and as rewarding to shareholders" as it was during much of his own period of leadership.
The rousing farewell speech came on a day when Barrick reported adjusted first quarter net earnings of $238 million or 20 cents a share, compared to $928 million or 92 cents a share in the year earlier period, marking a 74% drop,
according to a Stockhouse report.
Earlier in the week, merger talks between Barrick Gold and
Newmont Mining Corp. (
NYSE: NEM,
Stock Forum) broke off with officials from both sides blaming each other for the impasse.
Barrick shares eased 0.52% to $19.25 Wednesday, leaving a market cap of $22.4 billion, based on 1.2 billion shares outstanding. The 52-week range is $23.78 and $14.22.