UPDATE 1-Anglo boss to receive $4.6 mln-plus after exit - source

Fri Mar 1, 2013 1:02pm EST

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 is one of several top mining bosses to leave the industry this year amid the sharpest income drops in a decade and multibillion-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.

Classed by the company as a "good leaver", Carroll will receive about 3.1 million pounds, the source said on Friday. That includes nine months of her 12-month contractual notice period, a 2012 bonus of about 700,000 pounds and unvested bonus shares.

The salary element of the payment will be received monthly and will cease if Carroll lands a new job before the end of the year, the source said. The 700,000 pound bonus - a little more than a third of her 1.9 million pound payment a year earlier - was due to Carroll regardless of her departure.

Carroll is also due further shares under a long-term performance incentive plan, which vests 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 on top of the bonus and 2013 salary payments.

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, whose payments will be detailed in Anglo's annual report, will be replaced by AngloGold Ashanti Chief Executive Mark Cutifani at the start of April.

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