Canadian miner Barrick Gold Corp. (ABX: Quote,ABX.TO: Quote) on Tuesday said it has appointed Ammar Al-Joundi, who was once an integral member of the Barrick team, as Executive Vice President and Chief Financial Officer, effective July 10. Al-Joundi succeeds Jamie Sokalsky, who was recently promoted as the company's President and Chief Executive, replacing Aaron Regent.
Al-Joundi is currently the Senior Vice President, Finance and Chief Financial Officer of Agnico-Eagle Mines Limited (AEM: Quote,AEM.TO: Quote).
In a separate statement, Agnico-Eagle said Al-Joundi is leaving the company to assume a similar position with another resource company, and that it will take the necessary time to identify the best possible candidate to fill that position.
Barrick Gold noted that Al-Joundi has more than 20 years of experience in corporate finance and banking within the mining industry. He holds extensive expertise in capital markets, business strategy, financial controls and mine operations.
Before joining Agnico-Eagle in September 2010, Al-Joundi spent 11 years at Barrick, and was a key member of the company's finance team.
He joined Barrick in 1999, and has served in various roles including Senior Vice President of Business Strategy and Capital Allocation, Senior Vice President, Finance and Vice President and Treasurer. He was also Chief Financial Officer of the company's South American business unit.
Previously, Al-Joundi spent eight years as an investment banker at Citibank Canada.
Sokalsky said, "Ammar has deep knowledge and experience in the mining industry and a track record of exceptional performance not only at Agnico-Eagle, but also as an integral member of the Barrick team for over a decade. I am confident that he will continue Barrick's tradition of financial strength and prudent fiscal management, enabling us to deliver maximum value for our shareholders."
Sokalsky joined Barrick as Treasurer in 1993 and became Chief Financial Officer in 1999.
In pre-market activity in the U.S., Barrick shares are currently trading at $38.40, up $0.16 or 0.42 percent.
Agnico-Eagle shares closed Monday's trading at $42.04, up $1.48 or 3.65 percent.
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by RTT Staff Writer
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