Market welcomes Cutifani as new Anglo American chief

THE MARKET reacted well to Anglo American’s official appointment of incoming chief executive Mark Cutifani yesterday, with the miner’s shares closing up 1.37 per cent.

Cutifani, currently chief executive of South African-focused gold producer AngloGold Ashanti, will begin his tenure on 3 April.

“He is a seasoned miner, with broad experience of mining operations and projects across a wide range of commodities and geographies, including South Africa and the Americas,” Anglo chairman Sir John Parker said yesterday, adding that Cutifani was a “unanimous” choice.

He is in line for a £1.2m annual salary plus incentives.

The miner’s current chief executive Cynthia Carroll will step down from the board at the AGM in April, and leave the company at the end of the month.

Cailey Barker at Numis hailed the appointment as “positive”. “He is worth the money and a good hire in our view,” the analyst added.

Paul Gait at Bernstein Research remarked that Cutifani is a “miner’s miner, one whom we expect will help reengage senior leadership with the 'bread and butter' of operating performance”.

Meanwhile, Sir John confirmed that the details of the platinum review would be announced in the next few weeks, as it marked an “important move to increase efficiency and cost effectiveness” of the business.

The chairman also reiterated the miner’s “strong commitment” to South Africa.

Shares closed at 2,028p.