Anglo American announces Mark Cutifani as new CEO

Mark Cutifani has officially stepped into the top position at Anglo American.

It comes only a day after Cutifani was reported to be at the top of the list for the job.

The spot has been open since October when current Anglo American chief, Cynthia Carroll, announced her departure.

Cutifani was originally slated amongst the contenders for the job back in November, along with BHP CFO Alex Vanselow, former Barrick head Aaron Regent, and Anglo''s platinum business chief Chris Griffiths.

Anglo American announced the appointment of Cutifani as new CEO late yesterday, stating that he will officially step into the position from 3 April.

John Parker, Anglo American's chairman, stated "Mark Cutifani is an experienced listed company chief executive with a focus on creating value.

"He is a seasoned miner, with broad experience of mining operations and projects across a wide range of commodities and geographies, including South Africa and the Americas. 

"Mark is a highly respected leader in the global mining industry, with values strongly aligned to those of Anglo American.  We look forward to welcoming him as our chief executive.”

The move is a major step for the Australian born miner, and despite the current climate of worry clouding the coal mining sector, particularly following severe worker unrest and riots at its operations in South Africa, Cutifani is still expecting to urge ahead.

"In the context of where I've been or what I've done over the past 35 years, I have always spoken directly and given my views, but at the same time I've also tried to be constructive," he told The Australian.

"Don't expect that to change in my new role."

"We're not expecting it either," Parker added.

According to Anglo American, Cutifani will earn a basic salary of $1.8 million per annum, and will also be eligible for an annual award of 350% of his basic salary after three years, under a long term incentive plan.

Following the announcement of his departure from AngloGold Ashanti, the miner has begun a search for a new CEO, however in the meantime its current CFO Srinivasan Venkatakrishnan (Venkat) and technical development manager Tony O'Neill will act as joint chief executives although neither man has indicated their intention to step fully into the role at this time.

Tito Mboweni, chairman of AngloGold's board, thanked Cutifani for his five years at the helm "during which time he transformed the business; Mark led a significant operations and financial turnaround with industry-leading returns".

Anglo American has a number of coal operations in Australia, running the Grosvenor, Drayton, Capcoal, Dawson, Moranbah North, Foxleigh, and Callide mines.

It also is a part owner of the GEMCO and TEMCO iron ore operations.

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