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Anglo set to appoint AngloGold's Cutifani as CEO-sources
January 7, 2013 / 9:46 PM / 5 years ago

Anglo set to appoint AngloGold's Cutifani as CEO-sources

LONDON, Jan 7 (Reuters) - Global miner Anglo American will name Australian Mark Cutifani, chief executive of gold miner AngloGold Ashanti, as its new chief executive as early as Tuesday, two sources familiar with the situation said.

If last minute details are settled overnight, Cutifani, who began his career as a trainee miner, will be appointed to replace Cynthia Carroll in what analysts and investors see as one of the toughest jobs in the business.

Cutifani, named as a frontrunner over the weekend, will be expected to use his South African mining credentials and more than five years’ experience at the helm of AngloGold to smooth Anglo American’s path as it tackles restive unions in the country and restructures its battered platinum arm.

Carroll announced in October that she planned to step down after more than five years at the helm, under pressure from investors unhappy with Anglo’s lagging share price and its dependence on strike-hit South Africa. She has also been criticised for escalating costs at the group’s Brazilian flagship iron ore project, Minas Rio.

Cutifani, named head of South Africa’s Chamber of Mines last year, is a prominent figure in South African mining who has defended the country as an investment destination. He had been named as one of a handful of potential candidates from the start of Anglo’s search process last year.

Anglo American, the world’s largest diversified mining group, declined to comment. Officials at AngloGold, created from Anglo American’s gold assets, were not immediately available for comment.

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