African Barrick Gold appointed Bradley A. Gordon as its new Chief Executive Officer. A veteran in the gold mining industry, Gordon brings thirty years of experience to his new role. He is expected to turn the performance of the struggling Tanzania-based mining company around. Even before gold prices fell in April, African Barrick had already been beset by problems like strikes and power generation issues that had shrunk its output.
Analysts saw the appointment as welcome and timely. Canaccord analysts told Reuters, "The announcement should be well received by the market given the long history of under-delivery by previous management since the IPO in 2010." While Gordon lacked experience in handling African operations, analysts observed that this was also balanced by his knack for managing challenging operations.
African Barrick's Chairman Kelvin Dushnisky said Gordon is the right person for the job. In a statement, he said, "The board is confident that Brad's experience and track record in generating shareholder value, combined with his strong appreciation of community and employees, make him the right person to lead the company at this pivotal time."
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