Anglo American CEO Mark Cutifani has followed Rio’s Sam Walsh’s example and cut his executive pay.
Cutifani has reduced his pay by around eight per cent, to 3.4 million pounds sterling from 3.7 million pounds sterling, while his bonus has been slashed by close to 40 per cent as the miner continues to struggle.
However Cutifani still pocketed a 778,000 pound sterling bonus due to the maturation of a three year bonus scheme.
It comes as the miner carries out a ‘radical restructuring’, which has culminated in its decision to completely exit its Australian operations.
Cutifani described the new business as streamlined and the changes as “extensive, but essential…we are creating the new Anglo American”.
“We’ve deemed all the coal assets in Australia as non-core,” he said in a video released by the company, “and have processes across all of those assets.”
“Disposals processes are underway in the Moranbah and Grosvenor coal assets.”
It has also announced it will exit its Brazilian operations.