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BUSINESS > Anglo American appoints its new CEO

LONDON - Reuters

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Anglogold Ashanti chief executive officer Australian Mark Cutifani. AFP photo

Anglogold Ashanti chief executive officer Australian Mark Cutifani. AFP photo

Australian gold mining executive Mark Cutifani, a one-time trainee miner, has been appointed chief executive of Anglo American, taking on what analysts and investors say is one of the toughest jobs in the business.

Cutifani, who will step down as chief executive of South African miner AngloGold in March, had been one of several outsiders in the running for the top job at Anglo after Cynthia Carroll quit in October. He was named as a frontrunner over the weekend.

Shares in Anglo, which have underperformed the sector by almost 20 percent since the start of last year due to strikes, delays and cost overruns, were up more than 2 percent in both London and Johannesburg, as investors welcomed a move many hope will herald a review of its underperforming assets and a restructuring of the portfolio.

“It is fair to say we think his biggest challenge is on the South African front, but we have been very concerned about the Minas Rio (project) in Brazil too,” one of Anglo’s 20 largest shareholders said.
Cutifani gave little detail on his plans for the group.

January/09/2013

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