Ex-Barrick CEO ‘Aaron Regent’ Generated [$514.98 For Every Dollar Of Pay]
TORONTO – Aaron Regent was fired last week as CEO of Barrick Gold Corp. (ABX), and replaced by Jamie Sokalsky as President and Chief Executive Officer.
“On behalf of our Board, I would like to thank Aaron for his significant contribution to Barrick’s development. We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our Board has every confidence in Jamie’s experience and commitment to take our company forward,” said Peter Munk, Barrick’s Founder and Chairman.
Under Aaron Regent’s watch, the world’s largest gold miner earned $514.98 for every dollar the Toronto-based company paid Regent for 2011, according to data compiled by Bloomberg.
That was more than the CEOs of the six other largest North American gold companies. Goldcorp Inc. (G), the second-largest producer by market value, reported $172.09 of net income for every dollar awarded CEO Chuck Jeannes. Yamana Gold Inc. (YRI) CEO Peter Marrone brought in $47.88 in profit for every dollar of pay.His firing was a result of the Ex-Barrick CEO’s ability to boost the stock price. A new report suggest’s that Aaron Regent, generated more profit for every dollar of pay last year than any of his peers in Canada and the U.S.
Executive compensation is coming under increasing scrutiny, with gold mining CEOs among the best-paid in Canada last year, even as their companies’ shares failed to match gains in gold prices.
“I would like to see the compensation more directly tied to the stock prices,” Pawel Rajszel, a Toronto-based analyst at Veritas Investment Research, said in an interview. “Then you’ll see these producers be more disciplined in terms of capital allocation.”
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