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Anglo American Appoints Mark Cutifani as CEO
Jan 8, 2013 2:30 AM
By Dilipp S Nag
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RAPAPORT... Anglo American has appointed Mark Cutifani as its new chief executive officer (CEO) to replace Cynthia Carroll. Cutifani, who is currently CEO of AngloGold Ashanti Ltd., will begin his new position on April 3, while Carroll is scheduled to leave at the end of April.
“Mark Cutifani is an experienced listed company  chief executive with a focus on creating value. He is a seasoned miner, with broad experience of mining operations and projects across a wide range of commodities and geographies, including South Africa and the Americas,” said John Parker, Anglo’s chairman. “We look forward to welcoming him as our chief executive.”
Carroll resigned in October after serving as the company’s CEO since March 2007. The resignation came less than one month after she was appointed chairman of De Beers, having overseen Anglo’s acquisition of the Oppenheimer family’s 45 percent stake in the diamond mining company. The acquisition closed last year raising Anglo’s stake in De Beers to 85 percent.
De Beers is yet to appoint a chairman to replace Carroll.
Cutifani (pictured) has 35 years’ experience in the mining industry and has served as CEO of South Africa-based AngloGold Ashanti since 2007. Throughout his career, Cutifani has had direct involvement in mining operations, business development and corporate roles across six continents, more than 25 countries and covering 20 commodities.
He has a degree in mining engineering and is the current president of the South African Chamber of Mines.
Analysts at Liberum Capital said the appointment should inspire some short term enthusiasm for Anglo American but cautioned that the challenges facing the company have no easy solutions.
Liberum listed significant financial and political costs in cutting platinum capacity at Anglo Platinum and open ended capital cost increases to Minas Rio among the biggest challenges facing Cutifani. The analysts noted that his position as president of the Chamber of Mines will come in useful with wage negotiations upcoming in the summer expected to bring further operational disruption.
Anglo shares were up 2.2 percent at 2,044.5 pence in morning trade on the London Stock Exchange. The shares underperformed for the mining sector in 2012, losing about 18 percent of its value.
Anglo stated that Cutifani’s remuneration package will comprise a base salary of about $1.9 million (GPB 1.2 million) annually and variable incentive arrangements in line with the company's current remuneration policy.
“I am delighted to have the opportunity to lead Anglo American at this important stage in its journey, to unlock the company’s very considerable value potential” Cutifani said.
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Tags:
Anglo, Anglo American, Cynthia Carroll, De Beers, Dilipp S Nag, John Parker, Mark Cutifani, Oppenheimer
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