Barrick Gold shows its regional managers the door

According to the company’s CEO, Jamie Sokalsky, the restructuring will help the firm cut complexity and focus on generating long-term efficiency as well as lower costs, reported Sunday 

“This structure ensures that our mining leaders are able to focus their full attention on achieving the best possible operational results,” Sokalsky said in a memo to its employees, reported FT.com.

The news comes on the heels of a report last week that revealed shareholders and investors are pressing harder than ever for a swift change in the board, which would include bidding farewell to the company’s founder Peter Munk.

As most gold miners, Barrick has been hit hard by weak commodity prices and increasing mine costs. During the past few months, it has cut its head count and postponed projects. It has also reduced its dividend as the price of gold has collapsed.

Being the most debt-heavy company in the gold sector, however, has meant for Barrick to be among that have lost the most due to waning bullion prices.

Read More: www.mining.com/barrick-gold-shows-its-regional-managers-the-door-65344/