Kelvin Dushnisky, pictured left, has been appointed president of the company following his prior appointment as co-president.
Previously chief of staff, Richard Williams, pictured right, has been appointed chief operating officer and will report to Mr Dushnisky.
In addition, Basie Maree, most recently senior vice president of technical services has been appointed chief technical officer and will report to Mr Williams.
Barrick said Jim Gowans, who has made significant contributions to the company as co-president, will support this transition as a senior advisor to the chairman until his retirement on 31 December, 2015.
Mr Dushnisky will have overall responsibility for execution of the company’s strategic priorities, with a focus on improving productivity and driving down costs.
Barrick said Mr Williams will lead the day-to-day implementation of these objectives.
They are charged with driving the organisation to reach its target of US$2 billion in reduced expenditures across the company by the end of 2016, the company said.
Central to this effort is Mr Maree, a mining industry professional with more than 35 years of experience in operations, mineral processing and mine plan optimisation.
Barrick chairman John L. Thornton said he hopes that by empowering the company’s leaders in the field to function as true business owners the best decisions will be made.
“As we become leaner, more efficient and more keenly focused on a smaller number of core assets, we are empowering our leaders in the field to function as true business owners.
We believe that with the right talent in place, the best business decisions are made closest to the ground,” he said.