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 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
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.