| Tue 24 Oct 2006, 8:45 | | Anglo American plc - Anglo American names Cynthia |
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AGL
ANAAL
Anglo American plc - Anglo American names Cynthia Carroll as new CEO
Anglo American plc
(Incorporated in the United Kingdom)
Registration number: 3564138
Share code: AGL
ISIN: GB0004901517
(the "Company")
Anglo American names Cynthia Carroll as new CEO
As previously announced, Tony Trahar intends to retire as Chief Executive
Officer of Anglo American plc. Cynthia Carroll, currently President Alcan
Primary Metal Group, will join the Anglo American Board in mid January
2007 and will succeed Tony Trahar as Chief Executive Officer on 1 March.
Tony Trahar will step down from the board at the Annual General Meeting
in April.
As President and Chief Executive Officer of Alcan"s Primary Metal Group,
Cynthia Carroll"s responsibilities include all of Alcan"s primary metal
facilities, research and development, technology and power generation
with 18,000 employees operating in 20 countries around the world. The
Primary Metal Group today accounts for approximately $12 billion in
turnover and 75% of Alcan"s earnings.
Sir Mark Moody-Stuart, Chairman of Anglo American plc commented: "Cynthia
Carroll has a very strong track record of improving operational
performance, transforming culture, including improving safety
performance, and of integrating and realising synergies from newly
acquired assets. She has global experience of project management and of
overseeing the development and commercialisation of leading-edge
technologies. The Board have been impressed by her clear leadership and
communication skills, her highly relevant hands-on operational experience
and of her record of working with governments and other key
stakeholders."
"It"s an honour to take the helm at Anglo American," Cynthia Carroll said
of her appointment. "Anglo American has a unique collection of assets,
skilled and dedicated people, financial and technical strengths, and a
strong underpinning of values and sense of responsibility. A great deal
has been achieved in recent years and the company is on course to realise
the next stage of its strategy of becoming a focused mining group and
global leader in the metals and mining industry. It has an impressive
project pipeline and enormous potential for growth and value creation. I
look forward to building on this work and am committed to working with
Anglo"s many talented and committed individuals around the world to
realise the Company"s full potential."
Tony Trahar said "I look forward to welcoming Cynthia to Anglo American
and to working with her during the handover period. I wish her every
success."
Cynthia Carroll started her career with Alcan in 1988 in the Rolled
Products Group. In 1991 she became the General Manager of Alcan"s U.S.
Foil Products packaging business. She next served in Ireland as the
Managing Director of Alcan"s Aughinish Alumina subsidiary. From 1998 to
2002 she was President of Alcan"s Bauxite, Alumina & Speciality Chemicals
Group. Since 2002 Cynthia Carroll has worked to substantially reposition
Alcan in the aluminium industry while simultaneously reducing costs,
resulting in Alcan Primary Metal now achieving the highest profitability
and returns in the history of the company. During this time she led the
successful integration of Pechiney"s primary metals business; developed a
project pipeline of over $10 billion through the expansion of existing
businesses, acquisitions and the development of new facilities in South
Africa, China, Canada, Oman, and France; and achieved an over 80%
improvement in Lost Time Accidents (LTAs). Prior to joining Alcan,
Cynthia Carroll was a Senior Petroleum Geologist for Amoco in North
America.
Cynthia Carroll is 49 and is an American citizen. She has a Masters of
Science degree from the University of Kansas and an MBA from Harvard
University.
Cynthia Carroll is currently a Director of Sara Lee Corporation, a
Director of the American Aluminium Association, and a Director of the
International Aluminium Institute.
For further information:
London:
Nick von Schirnding
Tel: +44 207 968 8540
Edward Bickham
Tel: +44 207 968 8547
South Africa:
Daniel Ngwepe
Tel: +27 11 638 2267
View interviews with Sir Mark Moody-Stuart and Cynthia Carroll:
The interviews in video and text are available at:
www.angloamerican.co.uk and www.cantos.com
Pictures:
High resolution images are available at: www.angloamerican.co.uk
Notes to editors
Cynthia Carroll has spent the last 18 years in the aluminium industry
with Alcan. Her responsibilities have embraced mergers and acquisitions,
divestitures, joint ventures, plant management, research and technology,
energy, finance, marketing and commercial development, human resources
and provincial and international government relations. Over this time she
resided in the United States, Ireland, and Canada.
Prior to joining Alcan, Cynthia Carroll spent six years in gas and oil
exploration, working in Colorado, Alaska, Wyoming, Utah, and Montana.
Career Profile:
*January 2002 - Present: President and Chief Executive Officer, Alcan
Primary Metal
*October 1998 - December 2001: President, Alcan Bauxite, Alumina and
Specialty Chemicals
*January 1996 to October 1998: Managing Director, Aughinish Alumina
Limited
*October 1991 to December 1995: Vice President and General Manager,
Alcan Foil Products
*1989 to 1991: Business Analyst, Alcan Rolled Products Company
*1988: Business Analyst, Assistant to the President, Alcan Aluminum
Corporation
*1982 to 1987: Senior Petroleum Geologist, Amoco Production Company
*1987-1989: Harvard University, Boston, Massachusetts, (MBA)
*1979-1982: University of Kansas, Lawrence, Kansas, (Master of Science,
Geology)
*1974-1978: Skidmore College, Saratoga Springs, New York, New York,
(Bachelor of Science, Geology)
Contractual arrangements:
The appointment of Cynthia Carroll as an Executive Director of Anglo
American will take effect in mid January 2007 and she will become Chief
Executive on 1 March 2007.
Salary
Basic salary of GBP900,000 per annum
Discretionary performance related bonus
Maximum of 150% of base salary per annum, half deferred into forfeitable
bonus shares to be held for three years. Match of up to 75% of bonus
shares subject to meeting EPS growth targets over three years
Long term incentive plan (Performance share plan)
A maximum annual award of 175% of base salary per annum. The plan is
subject 50% to a TSR metric and 50% to a ROCE metric over a three year
vesting period, with no re-testing.
Benefits
Normal executive director benefits including defined contribution
pension, car allowance, medical and life insurance.
Notice Period and mitigation
An initial notice period of 24 months, reducing to 12 months after the
initial 12 month period. The contract includes a duty of mitigation on
any termination payment.
Buy out arrangements
Anglo American will compensate Cynthia Carroll for incentives forfeited
at Alcan. This will be paid in a combination of an initial cash payment
and forfeitable share awards, realisable over three years.
Executive shareholding target
A shareholding in Anglo American to the value of two times base salary
within five years of appointment.
Anglo American plc is a global leader in mining with a unique portfolio
of world class assets in attractive markets spread across the world
covering platinum, diamonds, coal, ferrous and base metals, industrial
minerals, paper and packaging and gold underpinned by considerable
financial strength and technical expertise.
Anglo American has excellent growth potential supported by a $6.2 billion
approved project pipeline.
The Group is geographically diverse, with operations in Africa, Europe,
North and South America, Australia and Asia. Since listing in 1999, Anglo
American has completed a significant number of company transforming
transactions including acquisitions of $15 billion and disposals of $9.7
billion and the Group has a well defined strategy to increase focus on
its core mining assets, drive internal efficiencies and deliver higher
returns. Anglo American has a strong commitment to safety and the
sustainable development of the communities where it operates.
For further information please visit: www.angloamerican.co.uk
24 October 2006
Sponsor: J.P.Morgan Equities Limited
Date: 24/10/2006 08:45:34 AM Produced by the JSE SENS Department
