New boss vows to use wealth of mining experience to unlock potential.
Mining company Anglo American has hired a new chief executive after Cynthia Carroll announced in October she would be stepping down after seven years at the helm.
New chief Anglo American chief executive Mark Cutifani has joined the company from South African gold producer AngloGold Ashanti, where he held the top job for the past seven years. During his time there he led a successful restructuring and development of the business.
Cutifani, who will take home a basic salary of £1.2 million before any bonuses, has a CV packed with mining experience having previously worked for Canadian nickel company CVRD and several mining companies in Australia. He also has a degree in mining engineering and is president of the South African Chamber of Mines.
On top of his basic salary Cutifani is eligible to take part in Anglo American’s bonus share plan that could award him cash up to 87.5% of his basic salary, shares up to 87.5% of his basic salary with a holding period of three years and enhancement shares to the value of 65.6% of his basic salary. In addition AngloAmerican will make an annual pension contribution for Cutifani of 30% of his basic salary and he will be eligible for a discretionary annual award under the company’s long-term Incentive plan of 350% of basic salary.
Cutifani spoke of his delight at joining the company that he describes as having “some of the highest quality mining operations and projects amongst its diversified peer group, bound together within a company with a deep sense of responsibility”. He added that he hopes to help the company unlock further value potential.
Commenting on Cutifani’s appointment, Anglo American chairman Sir John Parker said: “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. Mark is a highly respected leader in the global mining industry, with values strongly aligned to those of Anglo American. We look forward to welcoming him as our chief executive.”
Carroll will step down from the board at the company’s AGM in April and will leave Anglo American at the end of that month.
Paying tribute to Cynthia’s leadership, Parker said: “Cynthia Carroll is an inspirational leader who has had a transformational impact on Anglo American. Among many other things, her legacy will include a step change improvement in safety, sustainability and the quality of our engagement with stakeholders. She will be leaving Anglo American with our thanks for everything she has achieved and with our best wishes for the future.”