Barrick appoints Aaron Regent as CEO

Barrick Gold (ABX-T, ABX-N) founder and chairman, Peter Munk, has appointed former Falconbridge CEO, Aaron Regent, 43, to take the reigns of Barrick, the world’s largest gold company.

Regent, a chartered accounted, will take over the role of president and CEO on Jan. 16.

He will quit his current job as co-CEO of Brookfield Asset Management’s infrastructure group.

“Aaron’s outstanding strategic capabilities and highly-focused results orientation will fit in well with Barrick’s unique corporate culture,” Munk said in a statement.

Munk has been the acting president and CEO since March when Greg Wilkins had to step down due to illness. Wilkins, also an accountant, officially stepped down in July but was appointed as executive vice-chairman and has stayed active with the company while focusing on his health.

Regent was vice president and chief financial officer of Noranda from 2000-02 until it was taken over by Falconbridge. He was president and CEO of Falconbridge until it was taken over by Xstrata (XSRAF-O, XTA-L) in 2006.

Regent said that he was joining Barrick at both an “exciting and challenging,” time for the gold industry. World markets are in the midst of an unprecedented downturn which has sparked a revival in the physical gold buying market as investors look for safe havens.

Gold has fluctuated significantly over the past year, peaking at US$1011.25 per oz. in March and sinking as low as US$712.50 in November (according to the London PM fix price).

“Barrick is a dynamic mining enterprise and an iconic Canadian company,” Regent said in a statement. “In these times in particular, gold is a unique property as a store of value that is emerging as an asset class of increasing importance.”