Barrick's Munk seeks successor, hints Thornton will step in Peter Munk, the iconic founder and leader of Barrick Gold Corp. says he is looking for a successor to lead the board of the world's largest gold producer. In a message to shareholders in the company's annual report for 2012, published on Tuesday, Mr. Munk said he has been working with directors to find someone with the drive, ambition, global experience and contacts to lead the board, and all but pointed at co-chairman John L. Thornton as that man. "Over the past year, John and I have been working in lock-step with the entire board and our management team, focused on the singular and exclusive goal of setting the stage for Barrick's long-term success," Mr Munk said in the letter to shareholders. "It is indeed our great fortune that John has reached a point in his spectacular career at the same time when our need for someone of his exceptional qualifications, credentials and experience also reached a decision point," he said. Mr. Thornton was appointed to the post of co-chairman in June of last year as part of a company shake-up and re-focus that also saw Mr. Munk fire his chief executive as Barrick faced growing investor disenchantment with its focus. In the months that followed, it deferred $4-billion in planned spending and cut production targets as part of a greater scheme to focus on returns rather than on mining more and more gold. The cuts were announced on the heels of delays and a massive cost over-run at Pascua-Lama, the gold project in the southern Andes mountain range that will be one of the world's largest gold and silver mines when it is built.