UPDATE 1-Barrick scraps co-president structure in management shuffle

(Adds details on changes and background)
By Euan Rocha
TORONTO, Aug 17 (Reuters) - Barrick Gold Corp ABX.TO said
on Monday Jim Gowans, a veteran miner and one of its
co-presidents, was retiring from the company, and appointed his
partner as the sole president.
Kelvin Dushnisky, who has served as co-president with Gowans
for a year, has been appointed president and will continue to
report to Executive Chair John Thornton, a former Goldman Sachs (NYSE:GS)
GS.N executive.
Toronto-based Barrick said Gowans would step down as
co-president immediately, but will stay on as an advisor to the
chairman until he retires at the end of the year.
The changes leave a void at Barrick, as Gowans was the only
member in the senior ranks with experience in running mines,
analysts said.
"The loss of a senior executive with the mining experience
of Jim Gowans does reduce the 'bench strength' of the overall
management team," noted Barclays (LONDON:BARC) analyst Farooq Hamed in a note
to clients on Monday.
Barrick eliminated the chief executive role and solidified
Thornton's position within the company last year, after former
CEO Jamie Sokalsky left the company.
Richard Williams, previously the company's Chief of Staff,
has been named chief operating officer, while Basie Maree, most
recently head of technical services, has been appointed chief
technical officer. The appointments are effective immediately.
"Jim Gowans' operational expertise has been an asset to
Barrick and has been evident in the operating performance of the
portfolio," said Scotiabank analyst Tanya Jakusconek, adding
that Williams' appointment as COO comes as a surprise given his
lack of operating and technical experience.
Still, BMO analyst Andrew Kaip noted that Williams, who has
been working closely with Gowans for months, will bring strong
process and implementation skills given his background in the
military.
Despite that, Kaip expects "some trepidation as investors
become accustomed to the current changes."
Williams, who joined Barrick less than a year ago, served in
the British Army for about 20 years. He was a commander with the
Special Air Service, Britain's elite special forces unit. He did
brief stints as an advisor at the UK-based hedge fund Lansdowne
Partners and JPMorgan (NYSE:JPM) Cazenove, before joining Barrick last
October.
Barrick said its move is a continuation of its strategy of
putting more power and responsibility directly in the hands of
its mine managers.
"As we become leaner, more efficient and more keenly focused
on a smaller number of core assets, we're empowering our leaders
in the field to function as true business owners," said Thornton
in a statement.