What difference a new CEO makes – and how a good one leaving can hurt. Since the FT reported on Monday that Mark Cutifani of AngloGold Ashanti was set to take over the reins at Anglo American – and confirmed on Tuesday – investors have given their verdict. This week, Anglo American is up over 3.3 per cent; AngloGold is down 2.9 per cent.
Both companies have given the move their spin – “inspirational leadership” said AngloGold; a “seasoned miner” said Anglo American. But as Lex pointed out, it’s Cutifani’s ability to make asset disposals and foster good relations with governments that will be most valued in his new job.