The world’s most prolific gold miner Barrick Gold in early December confirmed media speculation that founder and chairperson Peter Munk, 86, would retire at the group’s 2014 annual general meeting (AGM).

Cochairperson John Thornton, who has played an increasingly important role at Barrick since his appointment in 2012, despite some controversy surrounding a $11.9-million signing bonus, would succeed Munk as chairperson.

Barrick also announced that it had appointed former De Beers executive James (Jim) Gowans as executive VP and COO, effective January 20. “Gowans has 40 years of international mining and management experience with a demonstrated track record of operational excellence,” the company said.

Barrick has been without a permanent COO since Igor Gonzales stepped down earlier this year.

Toronto-based Barrick also announced that it would rejuvenate its board and strengthen executive compensation practice.

Directors Howard Beck and Brian Mulroney had informed the board that they would not stand for re-election at the company’s next AGM, and the board had duly nominated four new candidates for election as independent directors, namely Ned Goodman, Nancy Lockhart, David Naylor and Ernie Thrasher.

Following the implementation of these changes, Barrick said the board would be more than two-thirds independent, with ten independent directors and four non- independent directors. Barrick had in the past come under fire for the board being too closely aligned with Munk.

Barrick would also put forward a new executive compensation plan at the 2014 AGM, which the company said would align fully with the principle of pay-for- performance, further linking compensation with the long-term interests of shareholders.

Munk founded Barrick in 1983, growing the company from a small junior producer with one mine into the global gold industry leader and a Canadian champion, with operations on five continents.

Thornton has his work cut out for him as the company has been dealing with issues at many of its critical mines and projects, including its giant Pascua-Lama project straddling the Chile-Argentina border. It has also run into trouble at its Jabal Sayid copper project, in Saudi Arabia, and its Lumwana copper mine, in Zambia, which it acquired through a C$7.3-billion acquisition of Africa-focused copper miner Equinox in 2011.