Cutifani is New Anglo American CEO

(IDEX Online News) Anglo American announced that Mark Cutifani, CEO of AngloGold Ashanti, is its newly appointed CEO with effect from April 3. He replaces Cynthia Carroll, who resigned last October.

Carroll resigned under pressure from investors dissatisfied with her performance, in particular the cost overruns of the Minas Rio iron ore mine in Brazil.

Commenting on the speculation Carroll was pushed out, Anglo Chairman Sir John Parker said, "We always listen carefully to shareholders; it's the responsible thing to do." He added, however, the resignation was Carroll's decision.

In line with these issues, Parker today said, “Mark Cutifani is an experienced listed company chief executive with a focus on creating value."

Cutifani said he is "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 holds an 85 percent stake in De Beers, Carroll, resigned less than a month after being appointed Chairman of De Beers. The diamond market will no doubt like to know what Cutifani's plans are for the diamond mining company.

Cutifani, a mining engineer, has successfully restructured and redeveloped AngloGold Ashanti’s business operations, according to Anglo. He is also the current President of the South African Chamber of Mines.

Cutifani’s remuneration package includes a basic salary of £1.2 million ($1.9 million) per annum and a bonus plan that includes cash payments of up to 87.5 percent of basic pay as well as equivalent value stock options.