Anglo American on the hunt for new CFO

Anglo American is creating plans for a new head of finance as the company continues its ‘radical restructure’ plan.

The miner is currently in the early stages of finding a successor to Rene Medori, according to Sky News.

The move has also prompted rumours of Anglo American’s chairman, Sir John Parker, next to step down from the business to make way for new blood.

Anglo American has carried out a number of changes across the company as it attempts to halt the pain as it suffers under the ongoing downturn.

At the top CEO Mark Cutifani has reduced his pay by around eight per cent, while at the operations level Anglo has announced plans to completely exit from Australia.

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.”

The miner will also exit from its nickel, niobium, and phosphate operations globally, cutting jobs from 11,500 today to fewer than 5000.

Anglo American is also focused on exiting its Samcor Manganese joint venture operations it runs in South Africa with South32.

 “Demand growth of certain commodities has slowed, prices also fell steeply, particularly towards the end of last year…and they remain volatile,” he said.

“We are taking decisive action to sustainably improve our cash flows and materially reduce net debt, while focusing on our most competitive assets.”

Anglo American expects these decisions to provide $US1.9 billion in cost and productivity improvements in this year, following a 55 per cent decrease in EBIT for the miner.

No date has yet been set for Medori leaving the miner.

 

 

 

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