Anglo American leader stands firm against shareholder wrath

ANGLO American yesterday played down reports of shareholder unrest, saying it believes just one of its institutional shareholders is unhappy with chief executive Cynthia Carroll’s performance.

The mining giant claims that Carroll, who joined the company in 2007 and has since presided over a 20 per cent drop in Anglo’s share price, has the support of the majority of its shareholders.

It is understood that a large institutional investor in the British company is unhappy with Carroll’s leadership, and has contacted chairman Sir John Parker to ask him to lead the search for a new chief executive.

A source close to Anglo said that while Carroll had been instrumental in building a relationship with the South African authorities, growth projects have not delivered and investors are disappointed with share price performance.

On 27 July, Anglo announced a 31 per cent drop in earnings to $4.9bn (£3.1bn) for the first half of the year, blaming a drop in commodity prices.