Cynthis Carroll, the Chief Executive Officer (CEO) of diversified mining titan Anglo American, has resigned, the firm said on Friday morning.
Carroll, who joined the Anglo American board in January 2007 and took up the CEO position in March of that year, is also to relinquish her position as Chairman of Anglo American Platinum (Amplats) and of De Beers when she steps down.
However, she will retain her respective positions until a successor has been found and an appropriate transition has taken place, Anglo said. The company has commenced the look-out for another CEO.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
The group said in a statement: "Under Cynthia's leadership, after a record year in 2008, the group successfully weathered the global financial crisis.In 2011, Anglo American again achieved record profits, for the group as a whole and in four of its seven Business Units, as well as delivering three major projects from its substantial project pipeline, enabling it to enter the current economic downturn in a strong position."
Explaining her decision to step down, Carroll said: "It has been a great honour to lead Anglo American. I am extremely proud of everything we have achieved during my period as Chief Executive and I will always retain enormous admiration and affection for this great company and its outstanding people.
"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 share price has dropped sharply over 2012, from the 52-week high of 2,910p reached in the spring to yesterday's closing price of 1,857.5p.
King Charles banknotes to enter circulation in June
New banknotes featuring the King will enter circulation on 5 June – here’s what they will look like and what you need to know about your old notes.
By Katie Williams Published
Metro Bank to slash 5.22% savings rate for current customers- what’s the next best alternative?
Metro Bank is set to cut the rate on its best buy instant access saver for existing customers. Is there an alternative on the market and should you switch now?
By Vaishali Varu Published