Barrick Taps Board Member Helen Cai as New CFO Amid Strategic Shift

TORONTO, ON – January 19, 2026 – Barrick Mining Corporation today announced a significant change in its financial leadership, appointing board member Helen Cai as its new Senior Executive Vice President and Chief Financial Officer. The transition, effective March 1, 2026, sees Cai succeed Graham Shuttleworth, who will depart the company after a seven-year tenure following the filing of Barrick's year-end results.

The appointment comes at a pivotal moment for the mining giant, which has been navigating a broader executive overhaul since the abrupt departure of its former CEO last September. Cai’s extensive background in capital markets and M&A is seen by analysts as a strategic move to guide Barrick through its next phase of growth and value creation.

From Boardroom to C-Suite: A New Financial Vision

Helen Cai is no stranger to Barrick's inner workings. Having served as an independent director on the company's Board of Directors since November 2021, she has been a member of its crucial Audit & Risk and Compensation Committees. This internal experience provides her with deep institutional knowledge, positioning her for a seamless transition from governance to executive leadership.

Her resume boasts more than two decades of high-level experience across equity research, corporate finance, strategic planning, and M&A. With senior roles at Goldman Sachs and China International Capital Corporation (CICC), Cai has built a reputation as a formidable financial strategist. During her time as a research analyst, she was consistently top-ranked by prestigious evaluators like StarMine, Institutional Investor, and Asiamoney. As an investment banker, the cross-border financing and M&A transactions she led garnered multiple industry awards.

“I am excited to be taking on this new executive role at such a pivotal time in Barrick’s history,” Ms. Cai said in the company's official announcement. “I look forward to partnering with Mark and the leadership team to deliver our strategy and drive sustainable value for our shareholders.”

Cai’s background, which includes both CFA and CAIA designations and education from MIT and Tsinghua University, strongly suggests a potential pivot in financial strategy. Her expertise in capital markets could unlock new financing structures, while her M&A acumen may be deployed as Barrick continues to optimize its global portfolio. Her appointment is viewed as a signal that the company is preparing for a more dynamic approach to capital allocation and strategic transactions.

A Legacy of Shareholder Returns and an Era of Transition

Cai will take the financial reins from Graham Shuttleworth, whose departure marks the end of an era defined by robust shareholder returns and disciplined financial management. Shuttleworth, who joined Barrick following its 2019 merger with Randgold Resources, will work with Cai to ensure a smooth handover.

Under his financial stewardship, Barrick delivered over $5 billion to shareholders, tripling its quarterly dividend since the merger and supplementing it with a successful $1.5 billion share buyback program. The company achieved a strong net cash position and reported record operating and free cash flow in the third quarter of 2025, a testament to the financial health Shuttleworth helped cultivate. Mark Hill, Barrick's Group COO and Interim President and Chief Executive, acknowledged this contribution.

“On behalf of everyone at Barrick, I would like to express our sincere thanks to Graham for his leadership and the significant contribution he has made to the Company over the past seven years,” Hill stated. “We wish him well for the future.”

However, Shuttleworth’s exit is part of a wider leadership shake-up that has swept through Barrick’s C-suite. The transition occurs amid industry speculation about the company's future structure, including a potential IPO for its valuable North American gold assets, which some analysts suggest could become an acquisition target for rivals like Newmont. In this context, Cai’s appointment is seen as a deliberate choice to install a leader with the precise skills needed to navigate such complex strategic possibilities.

Evolving Demands for Mining's Financial Leaders

Helen Cai’s appointment also reflects broader trends shaping the global mining sector. The role of the CFO has evolved far beyond traditional accounting, now requiring a sophisticated blend of strategic foresight, capital markets savvy, and a deep understanding of geopolitical and environmental risks. Today’s mining CFOs must balance cost controls with funding multi-billion-dollar growth projects, navigate fluctuating commodity prices, and satisfy investor demands for robust ESG performance.

Cai's international background and experience across the mining, industrial, and technology sectors make her particularly well-suited to these modern challenges. Her appointment is also a notable, albeit small, step forward for gender diversity in a male-dominated industry. While female representation in mining leadership remains low, placing a woman with Cai's credentials in the CFO role of one of the world's largest gold producers is a significant development.

This leadership change aligns with a period of increased executive turnover across the industry, as investors push for stronger growth and returns in a volatile economic climate. Companies are increasingly seeking leaders who can not only manage a balance sheet but also act as strategic partners in driving long-term, sustainable value.

Market Response and Barrick's Path Forward

Initial market reaction to the announcement was nuanced. While Barrick’s NYSE-listed shares saw a slight dip on January 19, its shares in Toronto rose as much as 2.4%, though this was complicated by a concurrent record-breaking rally in gold prices. Analysts, however, have largely greeted the news with optimism.

They point to Cai’s deep financial expertise and prior experience as an equity research analyst as invaluable assets. Her understanding of how institutional investors evaluate companies is expected to enhance Barrick’s communication and strategy during this period of operational and executive change. The planned transition period with Shuttleworth was also praised as a prudent move to ensure stability and maintain investor confidence.

Cai steps into her new role as Barrick stands on solid financial ground. The company posted record operating cash flow of $2.4 billion in Q3 2025 and is advancing key strategic priorities. These include a disciplined focus on its Tier One gold and copper assets, advancing organic growth projects like the significant Fourmile gold discovery in Nevada, and executing ambitious sustainability goals, such as its target to reduce carbon emissions by 30% by 2030 and achieve net-zero by 2050. Her leadership will be critical in allocating capital effectively to fund these initiatives while continuing to deliver the strong shareholder returns that have become a hallmark of Barrick's strategy.