Gold Miner Barricks Hunts For New CEO

July 19, 2008 12:26 p.m. EST

Toronto, Canada (AHN) - The world's largest gold miner, Barricks Gold Corp. of Canada, has started its search for a new chief executive officer after CEO Greg Wilkins resigned Friday citing health reasons.

Chairman Peter Munk was temporarily appointed to replace Wilkins, 56, who has been on sick leave since March 27. Wilkins, on the other hand, was appointed executive vice chairman, according to a statement issued by Barricks.

The Barricks board has convened a committee to look for its new chief executive.

Wilkins, who became CEO in 2003 when he replaced Randall Oliphant, was responsible for the expansion of Barricks with the acquisition of rival Placer Dome Inc. in 2006 for $10.2 billion. The deal cemented Barricks's position as the world's largest gold producer ahead of Newmont Mining Corp.

According to reports, Wilkins moved to raise output and cut back on contracts to sell future production at preset prices. Barricks share price doubled during his watch at a time gold prices reached record levels.