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Mining firm Anglo American names replacement for former chief executive Cynthia Carroll.
The multinational mining giant and the world’s largest supplier of platinum Anglo American has named Mark Cutifani as their new Chief Executive.
Once a trainee-miner Mr Cutifani, 54, resigned from his position as chief executive of the South African firm AngloGold to take up the post following the October resignation of former Cynthia Carroll, who had faced pressure from shareholder’s following disappointing results.
Viewed by analysts as the frontrunner for the position Mr Cutifani will become only the second non-South African to run the firm since it was established in 1917. The new chief executive faces the challenge of restoring the market’s confidence in the firm, which has seen its share price fall by almost 20% in the last year during a period of falling European demand and increased production costs.
The announcement of Mr Cutifani’s appointment led a 2.3% increase in Anglo American’s share price during early trading on the London Stock Exchange and rose by 625 points on the Johannesburg exchange.
In a statement Anglo American’s chairman, Sir John Parker, said that “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.”
Calling Mr Cutifani “a highly respected leader in the global mining industry, with values strongly aligned to those of Anglo American” Sir John said the new chief executive processed a “broad experience of mining operations and projects across a wide range of commodities and geographies, including South Africa and the Americas”.
Mr Cutifani is due to start his new role, which comes with a basic salary of £1.2m, following the Anglo American’s Annual General Meeting on April 3rd 2013. Speaking of his role new role he commented that “Anglo American has some of the highest quality mining operations and projects amongst its diversified peer group”.
Headquarted in the UK Anglo American generated revenue of $30,580m and reported an operating income of $10,646m USD in 2011. The firm has interests including iron ore, metallurgical coal, copper and nickel as well as precious metals and minerals.
The company’s mining operations, future projects and exploration activities span globally.
