As shareholders toast the appointment of Mark Cutifani as the new Anglo American chief executive, strong resentment is brewing at the bottom ranks of the mining sector with the leading National Union of Mineworkers (NUM) saying the company should have appointed a black man, or even a local white woman, instead of a white man.
54-year-old Cutifani is understood to be the second non-South African to run Anglo. He will receive a basic salary of £1.2m as well as £2.4m of compensation for loss of incentives on leaving his current post at AngloGold. Continue reading »
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.