Barrick Gold Names Mark Hill Interim CEO After Bristow’s Surprise Exit

Barrick Gold Corporation, one of the world’s largest gold producers, has announced the appointment of Mark Hill as interim President and CEO following the unexpected resignation of Mark Bristow, who had led the company since 2019. The leadership change, confirmed late Sunday, comes as a major surprise to markets and industry observers, given Bristow’s previous commitment to remain in office until 2028. His departure adds to a growing trend of senior leadership shifts across the global mining sector, following recent transitions at Newmont, Rio Tinto, and BHP.

Mark Bristow’s tenure at Barrick began after the landmark merger with Randgold Resources in 2019, a transformative deal that reshaped the company’s operational structure and global footprint. Under his leadership, Barrick achieved significant progress in debt reduction, portfolio optimization, and the stabilization of operations across several politically complex jurisdictions, including Mali, the Democratic Republic of Congo, and Papua New Guinea. Bristow was also the driving force behind Barrick’s ambitious Reko Diq copper-gold project in Pakistan, one of the world’s largest undeveloped deposits, which had been viewed as a cornerstone of the company’s long-term growth strategy. His abrupt resignation has therefore raised questions about project continuity and the company’s strategic direction going forward.

In the interim, Mark Hill, a Barrick veteran and currently Chief Operating Officer (COO), will assume the role of interim President and CEO, while continuing in his operational capacity. The company’s board has engaged Egon Zehnder, a leading executive search firm, to identify a permanent successor. Hill, known for his operational discipline and risk management expertise, is expected to provide stability during the transition, ensuring that Barrick maintains momentum across its key exploration and development programs.

The leadership change comes at a complex time for Barrick. The miner is contending with a US$1 billion write-off in Mali following a protracted tax dispute with the country’s military government, as well as ongoing challenges in balancing growth with shareholder returns. Despite these headwinds, Barrick’s stock has risen 37% since 2020, reflecting investor confidence in its long-term fundamentals, though it has underperformed peers such as Agnico Eagle, whose shares climbed 110% over the same period. Nevertheless, markets reacted calmly to the announcement, Barrick’s shares edged up 0.8% on Monday, suggesting that investors are more focused on near-term catalysts, including exploration results from the Fourmile discovery in Nevada, widely seen as one of the company’s most promising assets.

Bristow’s departure closes a pivotal chapter in Barrick’s modern history. He is credited with steering the company through a period of structural renewal and operational consolidation following years of debt and underperformance. Yet, his exit also signals a potential inflection point as Barrick recalibrates its leadership and project priorities in an era defined by decarbonization, geopolitical risk, and increased competition for high-quality gold and copper assets. For Africa and other emerging markets where Barrick operates, the leadership transition will be closely watched, given the company’s significant role in regional employment, infrastructure investment, and mineral development.

Mini-Glossary

• Interim CEO: A temporary chief executive appointed to lead a company while a permanent replacement is being sought.
• Reko Diq Project: A massive copper-gold deposit in Pakistan’s Balochistan province, jointly developed by Barrick and the Pakistani government.
• Debt Reduction: The process of lowering a company’s financial liabilities, often to strengthen its balance sheet and improve investor confidence.
• Portfolio Optimization: Streamlining assets through acquisitions, divestments, and project prioritization to enhance operational efficiency and profitability.
• Tax Dispute: A legal disagreement between a company and a government over tax obligations or payments.
• Exploration Updates: Reports on new drilling or geological findings that may indicate additional mineral resources or reserves.
• Egon Zehnder: A global executive search and leadership advisory firm that assists corporations in identifying and evaluating senior leaders.