Anglo American Plc’s Mark Cutifani will have no one left to blame if he fails to meet his goal of turning the company around as early as next year after writing down former Chief Executive Officer Cynthia Carroll’s deals.
Driving northeast from Santiago, the road corkscrews toward the shark’s-grin skyline of the Andes Mountains. In winter, Santiago’s smart set plies this route, heading for virgin-powder days and pisco-sour nights at La Parva ski resort. Most have no inkling that in a high mountain valley just over the ridgeline, excavators the size of houses have sculpted the mountainside into a steeply terraced pit 1,800 feet deep, Bloomberg Markets magazine reports in its September issue.
Anglo American Plc Chief Executive Officer Cynthia Carroll, the first woman, external hire and non- South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge.
Anglo American Plc, which swung to a full-year loss after a $4.6 billion writedown at its biggest project, rose to the highest in five weeks in London as Chief Executive Officer Cynthia Carroll said 2013 would be better.
Cynthia Carroll, the Anglo American Plc chief stepping down in two months, said her successor’s main challenge will be returning the company’s platinum unit to profitability after strikes last year wiped out earnings.
Anglo American Plc, the mining company reviewing its operations worldwide to try to save cash, plans to raise annual copper output by 150,000 metric tons to counter falling ore grades and delays in developing projects.
Anglo American Plc Chief Executive Officer Cynthia Carroll will receive about 2.1 million pounds ($3.2 million) as she leaves the mining company next month, according to a person with knowledge of the matter.