Leadership Reshuffle at Barrick Gold Amid Record Metal Prices

A significant leadership transition is underway at Barrick Gold Corporation, with the latest change occurring in the chief financial officer role. This executive reshuffle coincides with a powerful rally in gold prices and precedes the imminent release of the company’s key annual results.

Barrick has appointed Helen Cai as its new Chief Financial Officer, effective March 1, 2026. She will succeed the longstanding CFO, Graham Shuttleworth, who is set to depart the company following the filing of the annual report on February 5.

Helen Cai brings a substantial background to the position. She has served on Barrick’s Board since November 2021 and possesses over two decades of experience spanning equity research, corporate finance, and mergers & acquisitions. Her career includes roles at Goldman Sachs and the China International Capital Corporation (CICC). Cai holds both CFA and CAIA designations and studied at the Massachusetts Institute of Technology (MIT) and Tsinghua University. Graham Shuttleworth originally joined Barrick in 2019 through its acquisition of Randgold Resources.

This CFO transition is not an isolated event but part of a broader management overhaul that began in the fall of 2025. Several high-profile executives have recently left, including former CEO Mark Bristow, who departed unexpectedly in September, Senior Executive Vice President of Strategic Matters Kevin Thomson, North America Chief Operating Officer Christine Keener, and lead independent director Ben van Beurden.

Mark Hill, the current Group COO and interim President & CEO, highlighted Cai's "profound financial expertise and decades of mining sector experience" as a critical component for the company's future strategic direction.

This management dynamism is partly driven by pressure from activist investor Elliott Investment Management. The fund has built a stake worth approximately $1 billion and is advocating for substantial changes, including the potential breakup of the corporation.

Operational Tailwinds from a Gold Surge

Operationally, Barrick is currently benefiting from a robust precious metals market. Gold prices are trading near record levels, with spot gold at approximately $4,675 per ounce after hitting an all-time high of $4,689.39 in the previous session.

Should investors sell immediately? Or is it worth buying Barrick Mining?

Key factors propelling this rally include:
* Increased demand for safe-haven assets amidst ongoing geopolitical tensions.
* Market unease fueled by trade conflicts and tariff threats.
* A weekly weakening of the US dollar.
* Anticipated interest rate cuts by the US Federal Reserve in 2026.

Market analysts suggest a breakout above the $4,700 per ounce threshold is possible if trade-related risks intensify further. For a producer like Barrick, this environment creates fundamental room to demonstrate positive operational effects in upcoming financial reports.

Upcoming Results, Cash Flow, and Strategic Speculation

All eyes are on Barrick’s upcoming release of its full-year and fourth-quarter 2025 results on February 5. A key benchmark was set in the third quarter of 2025, during which the company:
* Produced 829,000 ounces of gold and 55,000 tonnes of copper.
* Achieved a record operating cash flow of $2.4 billion.
* Generated free cash flow of $1.5 billion.

In parallel, market speculation persists that Barrick may pursue a separate public listing for its North American mining assets. Such a move could be aimed at recalibrating the company's geographical risk profile. Barrick has traditionally traded at a discount compared to peers like Agnico Eagle Mines, largely due to its significant presence in politically sensitive regions such as parts of Africa, the Middle East, Pakistan, and Papua New Guinea.

Mali Resolution and Forward Look

Developments are also occurring at the country level. In November 2025, Barrick reached an agreement with Mali's military government to resolve a dispute over a new mining code. This conflict had previously forced the company to temporarily suspend its operations in Mali. The specific terms of the settlement were not disclosed, and a precise timeline for resuming full operations remains unclear.

The coming weeks will be pivotal, shaped by two main events: the annual and quarterly results in early February and the new CFO's assumption of duties in early March. Against the backdrop of sustained high gold prices, these events will reveal how Barrick integrates its operational strength, activist investor pressure, and ongoing management realignment into a coherent strategic path.