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Anglo American CEO faces shareholder pressure to quit: report
August 13, 2012 / 2:00 AM / 5 years ago

Anglo American CEO faces shareholder pressure to quit: report

LONDON (Reuters) - Anglo American’s (AAL.L) chief executive, Cynthia Carroll, is under pressure to step down from shareholders who have demanded an immediate change of management, the Telegraph reported on Monday.

Chief Executive Officer of Anglo American Cynthia Carroll attends the G20 CEO Summit in Seoul November 10, 2010. REUTERS/Aly Song

Several of the miner’s biggest institutional investors have contacted Sir John Parker, the chairman of Anglo American, to ask him to start the search for a new chief executive because they have lost confidence in her strategy and leadership following disappointing results, the newspaper said.

The shareholders are cited as saying their complaints have been rebuffed by the company’s chairman in recent weeks.

“The company is suffering from bad execution, a poor strategy, and a crisis of confidence in the leadership. We haven’t been happy for a while but the last set of results was the ‘coup de grace’,” one of Anglo’s 10 biggest owners is cited as saying.

“We want to get the ball rolling and a fresh management as soon as possible. These things take a while and Anglo American is vulnerable - if Glencore got its act together Anglo American is a sitting duck,” another unidentified investor said.

Anglo American could not be reached for immediate comment.

Reporting by Stephen Mangan; Editing by Chris Gallagher

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