Anglo American CEO Carroll resigns due to criticism

Cynthia Carroll, CEO at Anglo American Plc

Cynthia Carroll, CEO at Anglo American Plc

On the 26th of October, Cynthia Carroll, chief executive officer at Anglo American Plc, informed that she had resigned from her position with the company’s board of directors’ agreement. Anglo American CEO Cynthia Carroll’s decision to step down was caused by the increasing pressure from company’s shareholders.

The resignation of CEO Carroll

After almost six years in the position of chief executive officer at Anglo American, Cynthia Carroll decided to step down. According to the company’s statement, Anglo American CEO Cynthia Carroll will continue working as long as it takes to find her successor. Cynthia Carroll has been the first non-South African and the first female chief executive of one of the major global mining companies since she was nominated back in 2007.

Anglo American CEO Cynthia Carroll has been recently struggling with increasing criticism from both company’s shareholders and analysts over the underperformance of the company. Her decision regarding the escalating costs of the Minas Rio iron ore project has also been widely criticized.

Yet it was Anglo American CEO Cynthia Carroll who led the major mine global mining company to record profits in 2011.  Due to her decisions, safety at Anglo American’s platinum operation improved significantly. In addition, she also led to the acquisition of the control stake in the world’s No. 1 rough diamond producer, Du Beers, for approximately $5 billion.

The relationship between Anglo American CEO Cynthia Carroll and company’s shareholders has become rough after acquisitions, including the Minas Rio iron ore project, aimed at diversifying the company’s portfolio were affected by cost overruns as well as delays.

Despite recent shortcomings and setbacks, Sir John Parker, chairman of Anglo American Plc, lauded CEO Cynthia Carroll’s achievements, stating: “Cynthia’s leadership has had a transformational impact on Anglo American. She developed a clear strategy, based on a highly attractive range of core commodities, and created a strong and unified culture and a streamlined organization with a focus on operational performance.”

CEO Carroll’s successor

The board of directors did highlight that it would not rush to choose an Anglo American CEO Cynthia Carroll’s successor as she would stay in her position until the person was nominated. Sir John Parker said that the major global mining company would be looking for the successor worldwide.

Without a doubt, the Anglo American CEO Cynthia Carroll’s successor will have to face the challenge of Minas Rio, not to mention that s/he will have to cope with restructuring the platinum industry in South Africa. In South Africa strikes have infected Anglo American Platinum. But strikes did not spare Kumba iron ore unit as well. Des Kilalea, an analyst with RBC in London, believes that Anglo American Plc seems to be the most troublesome mining company to handle.

According to industry analysts,  Alex Vanselow, who was chief financial officer at BHP Billiton, and Mick Davis are among those who are named as the CEO Cynthia Carroll’s successor. Whoever takes the position of chief executive officer at Anglo American Plc will have to face many challenges.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Leave a Reply

Your email address will not be published.

Recent Posts

Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

On March 15, Novogratz went so far as to predict that the Bitcoin future price will reach half a million dollars per coin by 2027. He made this statement at the Bitcoin 2022 confer
2 hours ago
Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Managers and HR personnel must be coached on how to compassionately convey the message as it is one of the most difficult conversations an individual can have. Open and honest comm
4 hours ago
China Might No Longer Be An Apple Manufacturing Country

China Might No Longer Be An Apple Manufacturing Country

The iPad manufacturer has previously sought to remove China as the main Apple manufacturing country. Trade tensions and a strict Covid-19 policy has previously resulted in supply c
1 day ago
D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

In the same year, Racine had sued Meta, then known as Facebook, for failing to protect user privacy and deceiving them about how much data is collected and how it was used. The Att
1 day ago
Electronic Arts Shops Around For a Buyer

Electronic Arts Shops Around For a Buyer

However, Byers sheds light on the most recent Electronic Arts news saying, “Several sources familiar with these talks say EA has been persistent in pursuing a sale, and has only
2 days ago
EV Adoption Rates Helps Bring Down Global Oil Demand

EV Adoption Rates Helps Bring Down Global Oil Demand

Although electric car adoption rates are heartening, it is the electric two- and three-wheeler segment that has brought about a major shift in demand for oil. Especially popular i
2 days ago