Anglo American has appointed Mark Cutifani as the new Chief Executive to replace Cynthia Carrol. Cutifani has been Chief Executive Officer of AngloGold Ashanti Limited, the South Africa-based gold producer, since 2007 and has led the successful restructuring and development of its business, which includes operations in ten countries on four continents.
Prior to his current role, Cutifani was the Chief Operating Officer of CVRD Inco, the Canadian nickel company. He started his career in the coal and gold mining industries in Australia and has experience across a wide range of commodities.  He has a degree in Mining Engineering and is the current President of the South African Chamber of Mines.

Anglo American’s Chairman, Sir John Parker, says 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,” says Parker.

“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.”

For his part, Cutifani says Anglo American has 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.  “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.”

Anglo American’s current Chief Executive, Cynthia Carroll, will step down from the Board at the Company’s Annual General Meeting in April 2013 and will leave Anglo American at the end of that month. Paying tribute to Cynthia’s leadership, Sir John 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.”

Anglo American says Cutifani’s remuneration package will comprise a basic salary and variable incentive arrangements which are entirely in line with Anglo American’s current remuneration policy and practice.  The key elements of the package are Basic salary of – £1,200,000 per annum.