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Elliott Investment Management Eyes Barrick Gold CEO Search to Drive Upside

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  Published in Stocks and Investing on Saturday, December 6th 2025 at 9:22 GMT by CNBC

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Elliott’s Activism Could Drive Upside as Barrick Mining Hunts for a New CEO

Barrick Gold Corp. (NASDAQ: BAK), the world’s largest gold miner, is at a crossroads. After years of steady but unremarkable growth, the company is now launching a high‑stakes search for a new chief executive officer (CEO) while a powerful activist investor, Elliott Investment Management, ramps up pressure on the board. CNBC’s latest deep‑dive (link to full article) explores how Elliott’s strategic push could catalyze a turnaround, improve shareholder value, and reshape Barrick’s strategic priorities.

1. The Catalyst: Elliott’s Growing Stake

Elliott Investment Management, the firm headed by Michael C. Elliott, has long been a formidable force in activist investing. The firm has successfully nudged major corporations—from AT&T to Ford—toward operational improvements, board reshuffles, and strategic divestitures. The latest chapter in its story involves a sizeable equity stake in Barrick, reported by Bloomberg to sit at roughly 7% of the company’s shares. That stake is large enough to trigger a “public takeover filing” in Canada, where Barrick is headquartered, and gives Elliott the right to call a shareholder meeting and propose amendments to the board.

Elliott’s “black‑hat” activism is not about a hostile takeover. Instead, the firm has focused on cost discipline, ESG‑compliance, and asset optimization. In a recent note to Barrick’s board (link to the board memo in the article), Elliott urged the company to adopt a more aggressive stance on debt reduction—targeting a net debt‑to‑EBITDA ratio below 0.5x within two years—and to streamline its geographic footprint, concentrating on the Americas and Africa while divesting less profitable operations in the Americas.

2. Barrick’s CEO Search: A Turning Point

With the resignation of former CEO Darren Pirie amid a succession battle that ended in an interim appointment, Barrick’s board has formed a search committee to identify a long‑term leader. The committee has already reached out to senior executives at Newmont Mining Corp., Goldcorp (the company Elliott famously helped merge with Barrick in 2019), and other leading gold producers. The deadline is set for late March 2026, with an interview window slated for early March.

Elliott’s involvement adds a layer of urgency. “We’re in the middle of a transition period where leadership changes can dramatically influence the company’s strategic trajectory,” says the firm’s senior activist analyst, Sarah Kim, quoted in the article. Kim notes that a new CEO could accelerate the reforms Elliott has called for and help the company capitalize on a gold price rally that analysts project to stay above $2,300 per ounce for the next three years.

3. Potential Upside: How Elliott’s Activism Could Impact the Stock

Barrick’s shares have hovered around $9.50 a share in the last six months, trading below the 52‑week low of $7.90 despite solid gold production numbers. Elliott’s push for cost cuts, capital discipline, and ESG alignment could lift the stock price on multiple fronts:

The article highlights a model by Morgan Stanley that projects Barrick’s earnings to rise by 12% annually for the next three years under a new CEO who implements Elliott’s recommendations. That would lift the share price to the $12–$13 range, assuming gold prices remain above $2,300.

4. Board Dynamics and Shareholder Sentiment

The board currently has 10 directors, with 4 independent members. Elliott has already secured a seat on the board in exchange for converting its stake into a "proposed director" position during the upcoming annual meeting. The board’s existing composition has been criticized for a lack of diversity and for an overreliance on former executives. Elliott’s demand for independent, ESG‑savvy directors could reshape board governance, aligning Barrick more closely with global standards.

Shareholders are divided. Traditional gold‑mining funds see Elliott’s push as a threat to operational stability, while impact investors welcome a stronger ESG focus. The article quotes a note from BlackRock expressing confidence that Barrick’s “new leadership will position the company for sustainable, long‑term growth.” Meanwhile, a small but vocal group of gold‑price speculators has suggested that any leadership change could be a catalyst for a short‑term rally in the share price.

5. The Bigger Picture: Gold Mining in 2025

Barrick is not alone in facing a changing environment. The global gold mining sector is grappling with increased regulatory scrutiny, climate‑change mandates, and a shift toward renewable‑powered operations. The article links to a Bloomberg report that outlines how mining companies with robust ESG frameworks are outperforming their peers. Barrick’s alignment with Elliott’s activism could place it among the leading ESG‑compliant miners on the MSCI ESG Leaders Index.

Moreover, gold’s role as a safe‑haven asset amid geopolitical tensions and inflationary pressures is strengthening. The CNBC article ties Elliott’s strategy to a broader market narrative: “Gold mining firms that combine operational efficiency with environmental responsibility are poised to reap the benefits of sustained price growth.” This narrative underscores the potential upside Elliott’s activism could unlock for Barrick shareholders.

6. What to Watch

• Elliott’s public filing: If Elliott files a takeover proposal in Canada, it could accelerate board changes and possibly trigger a share‑price surge.
• CEO candidate announcements: The announcement of a leading candidate in early March could influence investor sentiment, especially if the candidate’s track record aligns with Elliott’s agenda.
• Quarterly earnings: Barrick’s next earnings release (due in early February 2026) will be a litmus test for how effectively the company is reducing costs and boosting margins.

In summary, Elliott’s activism is poised to be a catalyst for Barrick’s transformation. By demanding tighter cost control, a stronger ESG posture, and fresh leadership, the activist investor could help the company harness its gold assets more efficiently and deliver greater value to shareholders. As the company moves toward the new CEO, investors will be watching closely to see whether Barrick can translate Elliott’s bold vision into concrete performance gains—and whether that vision can indeed drive a significant upside in the company’s stock price.