Barrick Gold Hires Former BlackRock Fund Manager Catherine Raw Onto Leadership Team

By Alex MacDonald

LONDON--Barrick Gold Corp. (ABX), the world's largest gold miner, said Friday that it has hired Catherine Raw, a former co-fund manager of BlackRock's flagship mining funds, to become Business Performance Executive Vice President with immediate effect.

Ms. Raw will report directly to Barrick's Chairman John Thornton and play an important role in the embattled company's strategy development and execution, according to an internal company memo seen by The Wall Street Journal. She will also work with Barrick's investor relations team to build and articulate the company's investment case, the chairman said in the memo.

Barrick Gold has been under fire in recent weeks from its investors.

Tuesday the company's shareholders overwhelmingly opposed its executive compensation practices in a vote that was nonbinding, marking a blow for Mr. Thornton whose $13 million pay package for 2014 was the main target of shareholder's ire. Investors have said Mr. Thornton's 36% pay raise last year was excessive given the company's shares lost around one-third of their value in 2014.

Barrick faces others problems, not least a gold price still well below its 2011 high and its large debt pile. Monday, Barrick posted lower-than-expected earnings and production for the first quarter of 2015.

"Catherine's background, combining a foundation in geology with over a decade of experience in mining investment, brings to Barrick a unique skill set and deep insight that will complement and enhance the capabilities of our leadership team," said Mr. Thornton.

Prior to joining BlackRock in 2003, Ms. Raw worked at Anglo American PLC (AAL.LN) in London and Johannesburg and as a geological field assistant in Sweden. Ms. Raw holds a Master's degree in Natural Sciences, with Honors, from Downing College, University of Cambridge, and a Master of Science in Mineral Project Appraisal from Imperial College, London.

(Alistair MacDonald contributed to this story.)

Write to Alex MacDonald at [e-mail]

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