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Anglo American boss Cynthia Carroll to step down Anglo American boss Cynthia Carroll to step down
(35 minutes later)
Cynthia Carroll is to step down as chief executive of mining giant Anglo American after six years in the job.Cynthia Carroll is to step down as chief executive of mining giant Anglo American after six years in the job.
Earlier this year, a group of shareholders, unhappy with a sharp drop in profits, asked the chairman to look for a new chief executive. Earlier this year a group of shareholders, unhappy with a sharp drop in profits, asked the chairman to look for a new chief executive.
Anglo American chairman Sir John Parker said her leadership had been "transformational". Anglo said it was her decision to leave and chairman Sir John Parker paid tribute to her leadership.
No date has been set for her departure, which will leave just two women running the UK's biggest listed companies. No date has been set for her departure, which will leave just two women running the biggest UK-listed companies.
They are Angela Ahrendts at Burberry and Alison Cooper of Imperial Tobacco. Dame Marjorie Scardino, currently the chief executive of Pearson, is stepping down at the end of the year after 16 years in the job.They are Angela Ahrendts at Burberry and Alison Cooper of Imperial Tobacco. Dame Marjorie Scardino, currently the chief executive of Pearson, is stepping down at the end of the year after 16 years in the job.
Anglo American shares rose 2% at the start of trading in London. Its shares have lost a third of their value in the past eight months.Anglo American shares rose 2% at the start of trading in London. Its shares have lost a third of their value in the past eight months.
Cynthia Carroll said it had been a difficult decision to leave.Cynthia Carroll said it had been a difficult decision to leave.
"I am extremely proud of everything we have achieved during my period," she said."I am extremely proud of everything we have achieved during my period," she said.
"Next year I will be entering my seventh year as chief executive and I feel that the time will be right to hand over to a successor who can build further on the strong foundations we have created.""Next year I will be entering my seventh year as chief executive and I feel that the time will be right to hand over to a successor who can build further on the strong foundations we have created."
Sir John said she had "developed a clear strategy, based on a highly attractive range of core commodities, and created a strong and unified culture and a streamlined organisation with a focus on operational performance".Sir John said she had "developed a clear strategy, based on a highly attractive range of core commodities, and created a strong and unified culture and a streamlined organisation with a focus on operational performance".
"Her legacy will include, among many other things, a step change improvement in safety, sustainability and the quality of our dialogue with governments, communities and other stakeholders. Her values represent the very best of Anglo American.""Her legacy will include, among many other things, a step change improvement in safety, sustainability and the quality of our dialogue with governments, communities and other stakeholders. Her values represent the very best of Anglo American."
Ms Carroll was the first external appointment to the role of chief executive at Anglo American was she was given the top job in 2007. A geologist by training, Cynthia Carroll was the the first woman and the first non-South African to be appointed to the role of chief executive at Anglo American when she was given the top job in 2007.
She has come under increasing pressure from investors over the company's share price and the deteriorating industrial relations at its platinum operations in South Africa.
A continuing wildcat strike means the company is losing output of four and a half thousand ounces of refined platinum every day, which equates to a loss of almost $7m (£4.3m).
But there have also been concerns about its Minas Rio iron ore project in Brazil, as well as problems in its Chilean copper operations.
Analysts at Macquarie bank calculated that Anglo American is worth $25bn less than it was when Cynthia Carroll became the chief executive, while its major competitors have grown, or at least not lost value.