Barrick executive to step down in latest shakeup at gold miner

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Another Barrick Gold Corp. executive is leaving amid upheaval at the world's largest gold producer.

Sybil Veenman, the miner's senior vice-president and general counsel, will exit at the end of September.

She joins the exodus of Barrick veterans who have either been pushed out or decided to split since John Thornton became chairman in April and started cleaning house.

So far, Mr. Thornton has eliminated the chief executive position and dismantled Barrick's corporate development team, which was in charge of scoping out new assets.

Last week, Rick McCreary, senior vice-president of corporate development, and two other team members were forced out. Alistair Baker, a vice-president who has worked in Barrick's corporate development for more than a decade, is on his way out.

Barrick spokesman Andy Lloyd said it was the Ms. Veenman's decision to leave. Ms. Veenman joined Barrick two decades ago and has served as the miner's general counsel since 2010. A search is underway for her replacement, the spokesman said.

Jamie Sokalsky, the miner's chief executive and another 20-year Barrick veteran, will step down mid-September.

The departures come as Barrick and the rest of the gold industry comes to grips with a slump in gold prices, which are down a third since it peaked above $1,900 (U.S.) an ounce in 2011.

Employees have weathered a tumultuous two years in which the company's stock dropped to multiyear lows, jobs were cut and shareholder rage prompted an overhaul of the board and executive compensation plans.

Morale is low at Barrick's corporate headquarters in Toronto, sources said.

Barrick's CEO is being replaced with two co-presidents as well as a chief financial officer, who has additional duties to help develop the miner's strategy.

Mr. Sokalsky, Mr. McCreary and Mr. Baker will receive severance packages. It is unknown whether Ms. Veenman will receive a pay package as well.