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7/23/15

Barrick (ABX) selects its sacrifice

Ned Goodman suddenly feels the need to concentrate on a new business venture (read New Oban), because he never had anything else on his plate while a director of ABX, did he? 
"We would lik to thank Mr. Goodman for his contributions to Barrick and for his astute counsel during this transformative period for the company," said Barrick Chairman John L. Thornton.
Here's a chart that runs from December 4th 2013 (when Goodman was nominated to join the ABX BoD) to date:


Oh dear. And on December 13th Goodman said:
 “I am delighted to have been invited to join the board of Barrick at this time, and I look forward to working with management and the board to return the company to, once again, being the biggest and best gold mining corporation in the world”, Mr. Goodman said.
Another ambition crushed by the wheels of industry. The dates of that chart don't include the day in October 2013 when he said ABX was "the best buy on the board" (i.e. the TSX big board of main stocks in Toronto). 

Oh dear II, the sequel.

And oh! It's just occurred to me! That was just before he was invited to the directors' box! What a coincidence! Anyway, if you click through to check out that interview on BNN, you'll also see how Goodman defended ABX head honcho Thornton and his $11.9m singing on fee at the time, while putting the boot into ex-head Jamie S.  How's that working out for you, Ned?