Outgoing Anglo boss to get over $4.6 mln on exit-source
LONDON, March 1
LONDON, March 1 (Reuters) - Anglo American Chief Executive Cynthia Carroll will receive more than 3 million pounds ($4.6 million) when she leaves the company next month after six years at the helm, a source familiar with the matter said.
Carroll was one of several top mining bosses to exit this year as the industry reported its sharpest income drops in a decade and multi-billion dollar writedowns on boom-year acquisitions.
She quit in October, under pressure from shareholders over perceived errors and poor returns.
Anglo last month reported its first net loss in more than a decade and took a $4 billion hit on the value of its flagship Minas Rio iron ore project.
Carroll will receive 3.1 million pounds ($4.7 million)immediately on departure, the source said on Friday.
That includes nine months of her 12-month contractual notice period, a roughly 700,000 pound bonus that amounts to just over one third of her 1.9 million pounds payment a year earlier, and unvested bonus shares as she is counted by the company as a "good leaver".
She is also due further shares under a long-term performance incentive plan, which vest over the next two years.
At current prices, and if she is handed the maximum entitlement, that total could be worth more than 3.4 million pounds.
The payout may irk some of Carroll's critics, but she is not alone in receiving similar payments.
Mick Davis, outgoing boss at Xstrata and one of the best paid executives in the FTSE 100, is in line for a termination payment of at least 8 million pounds after the group merges with Glencore.
Carroll will be replaced by AngloGold Ashanti Chief Executive Mark Cutifani at the start of April.