Catherine Raw to Succeed Shaun Usmar as CFO at Barrick Gold
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Catherine Raw
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Barrick Gold Corporation’s Shaun Usmar, senior executive vice president and chief financial officer, will be leaving Barrick. Catherine Raw, currently executive vice president, business performance, will succeed Usmar as chief financial officer on April 26.
Since joining Barrick in 2014, Usmar has led the transformation of the company’s finance function to support Barrick’s return to a decentralized operating model. He overhauled the company’s approach to forecasting and business planning, moving from a focus on capital-intensive production to free cash flow generation. His leadership helped the company generate positive cash flow for the first time in four years in 2015, despite weaker gold prices. Usmar also led efforts to revamp the company’s capital allocation processes, ensuring more rigorous commercial and technical reviews of all capital spending over $10 million. He worked to strengthen the balance sheet by identifying a range of creative and robust options to reduce debt and improve liquidity, while enhancing risk management for the decentralized operating model.
Catherine Raw is an ideal successor who will carry forward and strengthen this important work. Prior to joining Barrick in May 2015, Raw was co-manager of BlackRock’s flagship mining funds, where she spent years leading in-depth financial analysis and evaluation of every major mining company in the world. Her experience as one of the largest investors in the mining sector gives her an intimate knowledge of the global industry, an understanding of the fundamental drivers of superior performance, and an innate focus on the experience of the owner. She holds the Chartered Financial Analyst designation, a Master’s degree in Natural Sciences, with first class honors, from Downing College, University of Cambridge, and a Master of Science in Mineral Project Appraisal from Imperial College London. At Barrick, Raw has worked with Usmar and the other members of the leadership team to drive greater rigor in financial analysis, planning, and performance management across the company. Her background, combining a foundation in geology with over a decade of experience in mining investment, has brought a unique skill-set and deep insight to Barrick, complementing and enhancing the capabilities of the company’s leadership team.
About Barrick
Barrick has mining operations in Argentina, Australia, Canada, Chile, Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, United States and Zambia. More than 75 percent of the company’s gold production comes from the Americas region.
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