Anglo American announces new CEO
Anglo American appointed Duncan Wanblad as chief executive.
Wanbald will succeed Mark Cutifani who will retire as chief executive and step down from the board at the AGM after nine years in the role.
The company said Wanbald has deep experience operationally at Anglo American.
"Duncan Wanblad is the standout and natural successor to Mark Cutifani, bringing his 30 years of international mining experience and deep understanding of Anglo American, its culture and its context," said Stuart Chambers, Chairman of Anglo American. "In both executive and non-executive roles spanning most of Anglo American's businesses, Duncan has been integral to shaping the strong competitive position of the company today. Following a rigorous global process to identify Mark's successor, including those on our internal succession plan, the Board felt that Duncan is uniquely qualified to take Anglo American on the next phase of improvement and to deliver what is one of the industry's leading growth stories. On behalf of the Board, we congratulate Duncan on his appointment as Chief Executive."
Anglo had $30.9 billion in revenues last year. It is a top ten diversified miner based on market capitalization. Anglo employs 98,000 people worldwide.
Wanbald's base salary will be ?1,250,000 (US$1.7 million) per year plus a maximum annual bonus of 210% of base salary and various incentives.
By Michael McCraeFor Kitco News
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