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Anglo American nabs new finance director from Fortescue Metals

Jessica Morris
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Anglo is focusing on its more profitable copper, platinum and diamond businesses (Source: Getty)

Anglo American said today it has nabbed its new finance director from Australian rival Fortescue Metals.

Stephen Pearce will join the miner as finance director next year, replacing current finance director René Médori, who announced his decision to retire in April.

Pearce will join Anglo's management committee on 30 January, before joining the board and taking over as finance director with effect from 24 April.

Pearce has been chief financial officer at Australia-based and listed iron ore producer Fortescue since 2010, during which he battled plummeting iron ore prices by slashing costs and cutting debt.

The news came as Anglo is overhauling its structure to focus on more profitable commodities such as copper, platinum and diamonds. Its already announced its intention to sell its South African thermal coal and iron ore businesses.

Mark Cutifani, chief executive of Anglo American, said: "We are very pleased that Stephen Pearce will be joining Anglo American as finance director."

"Stephen brings proven financial and commercial experience gained across the extractive and related industries. His strong relationships with the debt and equity capital markets have proven immensely valuable in his role at Fortescue, as has his work across complex cost and other efficiency performance programmes."

Pearce added: "I look forward to working with Mark Cutifani and the senior team to create the new Anglo American."

"Through the portfolio restructuring and business improvement and efficiency programmes, we will create a very different investment proposition for Anglo American's shareholders."

Anglo American shares were last up 0.92 per cent to 929p in late morning trading, giving the company a market capitalisation of £11.89bn.

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