Anglo American Shakes Up Management Team
November 12 2015 - 5:06AM
Dow Jones News
By Alex MacDonald
LONDON-- Anglo American PLC said Thursday it is shuffling its
management team to focus on marketing and its turnaround strategy,
saying that Paulo Castellari, the head of its Brazilian iron-ore
unit, has decided to step down from his role at the end of the year
to pursue other opportunities.
The restructuring of its executive team comes at a time when
Anglo American is trying to turn around its fortunes following
years of underperforming its peers such as BHP Billiton Ltd. and
Rio Tinto. The company, under the stewardship of Anglo American's
Chief Executive Mark Cutifani, has been boosting operational
performance, slashing costs and selling unwanted assets in an
effort to boost its earnings, but the miner has been pummeled by a
protracted commodities price rout, particularly in iron ore, copper
and coal.
This prompted its shares to fall 60% this year to a new low of
478.65 pence each as of Thursday, its lowest since listing its
shares in London in 1999.
The world's fifth-largest mining company by market
capitalization said it has appointed Peter Whitcutt as CEO of Anglo
American's marketing business, having served as head of strategy,
business development and marketing since 2013.
Bruce Cleaver has been appointed as head of strategy and
business development, having served as executive head of strategy
and corporate affairs at Anglo's De Beers diamond unit.
Gareth Mostyn, currently chief financial officer of De Beers,
has been appointed executive head of strategy and corporate affairs
for De Beers.
The appointments are effective from Jan. 1, with Mr. Mostyn
continuing to fulfill his year-end reporting commitments as
CFO.
The appointment of a new CFO at De Beers will be made in due
course, the company said.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 12, 2015 04:51 ET (09:51 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Anglo American (LSE:AAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Anglo American (LSE:AAL)
Historical Stock Chart
From Apr 2023 to Apr 2024
