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Anglo American chief Cynthia Carroll to step down next year Anglo American chief Cynthia Carroll to step down next year
(about 3 hours later)
Anglo American's chief executive Cynthia Carroll is stepping down next year after months of intense pressure from shareholders. This will leave only two female bosses in the FTSE 100 index. Anglo American's chief executive Cynthia Carroll is stepping down next year after months of intense pressure from shareholders amid wildcat strikes in South Africa. This will leave only two female bosses in the FTSE 100 index.
Armed with degrees in geology, Carroll, now 55, became the first non-South African, the first woman and the first outsider to take the top job at Anglo when she became CEO in March 2007. Armed with degrees in geology, Carroll, now 55, became the first non-South African, the first woman and the first outsider to take the reins at Anglo when she became CEO in March 2007. Carroll, 55, will stay in the job until a successor is found, which could take up to nine months.
She has been under pressure since her appointment, with some shareholders unhappy about the miner's share performance and Anglo's exposure to South Africa, where a series of mining disputes have grabbed the headlines. Other recent challenges include cost overruns at the Minas-Rio iron-ore project in Brazil, as well as a legal battle with Codelco, Chile's state-owned miner. Potential candidates include Brazilian Alex Vanselow, the former chief financial officer of BHP Billiton, and South African-born Mick Davis, the outgoing chief executive of Xstrata. Anglo's chairman, Sir John Parker, said the company would conduct a global search but "could not afford Davis".
Shares in Anglo were up 2.3% in early trading in London to £18.99 – making them the biggest riser on the leading index. Carroll has been under pressure since her appointment, with some investors unhappy about the miner's share performance and Anglo's exposure to South Africa, where a series of mining disputes have hit output. Anglo American Platinum, a subsidiary, sacked 12,000 workers in early October. Other recent challenges include cost overruns at the Minas-Rio iron-ore project in Brazil, as well as a legal battle with Codelco, Chile's state-owned miner.
But the company lauded Carroll's achievements, saying that under her leadership the group "successfully weathered the global financial crisis" and again achieved record profits last year. Shares in Anglo were up nearly 3% in early trading in London to £19.12 – making them the second-biggest riser in the leading index.
Parker said Carroll's decision to leave was her own as she started her seventh year in a "very gruelling and demanding role".
The company lauded Carroll's achievements, saying that under her leadership the group "successfully weathered the global financial crisis" and again achieved record profits last year.
Carroll said: "It is a very difficult decision to leave, but 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."Carroll said: "It is a very difficult decision to leave, but 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."
Anglo's chairman, Sir John Parker, paid tribute to her, saying: "Cynthia's leadership has had a transformational impact on Anglo American. She 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." Parker paid tribute to her: "Cynthia's leadership has had a transformational impact on Anglo American. She 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."
Despite billions in cost cuts that resulted in 26,000 job losses to streamline a sprawling consortium, analysts at Macquarie said this week that Anglo had lost a third of its value since Carroll became CEO, while its peers are worth at least the same as in 2007. The company is now worth some $25bn less.Despite billions in cost cuts that resulted in 26,000 job losses to streamline a sprawling consortium, analysts at Macquarie said this week that Anglo had lost a third of its value since Carroll became CEO, while its peers are worth at least the same as in 2007. The company is now worth some $25bn less.
Following Dame Marjorie Scardino's departure from the helm of publisher Pearson, also announced this month, there will be only two female CEOs in the FTSE 100: Burberry boss Angela Ahrendts, who took the reins at the fashion group in 2006, and Alison Cooper, chief executive of Imperial Tobacco since 2010.Following Dame Marjorie Scardino's departure from the helm of publisher Pearson, also announced this month, there will be only two female CEOs in the FTSE 100: Burberry boss Angela Ahrendts, who took the reins at the fashion group in 2006, and Alison Cooper, chief executive of Imperial Tobacco since 2010.