FTSE 100 mining big Anglo American closes in on successor to veteran CEO | Enterprise Information

Anglo American, the FTSE 100 mining big, is closing in on the appointment of a brand new chief government as its veteran boss prepares to bow out after almost a decade.

Sky Information has learnt that the £42bn metals producer is getting into the ultimate levels of a course of to interchange Mark Cutifani, who has reworked the fortunes of an organization that was struggling when he took over in 2013.

Metropolis sources mentioned on Tuesday that Duncan Wanblad, Anglo American’s technique director, had emerged in latest months because the main inner candidate to succeed Mr Cutifani.

Mark Cufifani is Anglo American's chief executive. Pic: Anglo American
Mark Cufifani is Anglo American’s chief government. Pic: Anglo American

The miner’s board, which is chaired by the previous Pilkington boss Stuart Chambers, can be contemplating a small variety of exterior contenders for the function, based on the sources.

One insider mentioned {that a} resolution could possibly be introduced as quickly as the top of October, and was anticipated on the newest by the flip of the 12 months.

Mr Cutifani has mentioned publicly that he wouldn’t step down till Quellaveco, Anglo’s multibillion greenback Peruvian copper mine venture, had been accomplished – a milestone which is predicted subsequent spring.

The Anglo CEO publish is likely one of the most coveted within the world mining sector, with the corporate now seen by shareholders and rivals as a extra streamlined and profitable enterprise than the one Mr Cutifani inherited eight years in the past.

At one stage, Anglo – which trails friends BHP, Rio Tinto and Glencore in measurement phrases – got here near dropping out of London’s blue-chip share index following a litany of issues encapsulated by its $6.7bn buy of Minas-Rio, an iron ore mine in Brazil.

It has now recovered to the extent that it’s the FTSE-100’s Thirteenth-largest firm – a place that might be elevated by one if rival BHP implements a plan to scrap its major itemizing in London.

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Like its massive opponents, Anglo was capable of distribute billions of {dollars} to shareholders throughout the first half of the 12 months due to surging demand for commodities similar to iron ore.

If Mr Wanblad does land the job, it might see an Anglo lifer put in on the high of the corporate.

He has beforehand run its copper enterprise in addition to Anglo Platinum, and is alleged to be well-regarded by Metropolis analysts.

The identities of the exterior candidates being thought-about by the corporate was unclear on Tuesday.

Spencer Stuart, the search agency, is aiding Anglo’s board with the method.

An Anglo American spokesman declined to remark.

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