Then-CEO Jamie Sokalsky speaks at the Barrick Gold annual general meeting for shareholders in Toronto, April 30, 2014.Mark Blinch/Reuters
A farewell party for Barrick Gold Corp.'s ex-chief executive Jamie Sokalsky became a reunion of sorts for the gold company's former executives.
Barrick's previous CEOs Aaron Regent and Randall Oliphant – both of whom left abruptly under Barrick's former chairman Peter Munk – joined dozens of Barrick employees Tuesday night to pay their respects.
The party at Rodney's Oyster House in downtown Toronto started with tributes to Mr. Sokalsky and ended with Karaoke, according to people who were present.
Mr. Sokalsky stepped down as chief executive in mid-September, as Barrick's new chairman John Thornton revamped his management team and got rid of the CEO position.
The 86-year old Mr. Munk, who retired as Barrick's chairman in April, and long-time board director William Birchall, both made appearances.
At one point in the evening, Mr. Munk told the crowd that he begged Mr. Sokalsky to stay and praised the former CEO for guiding Barrick through a difficult time, the people said.
Mr. Munk then launched into a strong endorsement of Mr. Thornton, who has become a controversial figure within the company since taking over as chairman.
Morale is low at the Barrick Toronto headquarters and some employees have voiced uncertainty about their future under Mr. Thornton, sources have said.
In addition to restructuring the management team, which is designed to foster more accountability, Mr. Thornton has disbanded the unit charged with finding new assets.
His actions have led to a wave of high-level departures, including the company's top lawyer.
People described the gathering as bittersweet. Mr. Sokalsky became CEO in 2012 when Mr. Munk ousted Mr. Regent, citing Barrick's weakening stock price. Mr. Sokalsky, a 21-year Barrick veteran, was well liked.
Mr. Regent became CEO after Barrick's previous chief executive, Greg Wilkins, passed away after battling cancer. Mr. Oliphant left Barrick abruptly in 2003 amid missed production targets and investor unrest over the company's hedge book.
Rachelle Younglai