New Chief Executive for Anglo American

Mining giant Anglo American has appointed Mark Cutifani of AngloGold Ashant as Chief Executive to replace Cynthia Carroll.

Cutifani will take the reins in April with a pay packet worth around £2.38m, including salary and bonuses.

He has been Chief Executive Officer of AngloGold Ashanti, the South Africa-based gold producer, since 2007 and led the restructuring and development of its business.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

This includes operations in ten countries on four continents.

Anglo American's Chairman, Sir John Parker, said Cutifani is an experienced listed company chief executive with a focus on creating value.

"He is a seasoned miner, with broad experience of mining operations and projects across a wide range of commodities and geographies, including South Africa and the Americas," he said.

"Mark is a highly respected leader in the global mining industry, with values strongly aligned to those of Anglo American."

Cynthia Carroll, the first woman and non-South African to run the company, announced she was leaving in October.

This followed pressure from some shareholders who were concerned about profit levels.