LONDON, March 1 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
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
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
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
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.