AngloGold Ashanti chief steps down to take over as Anglo American head

AngloGold Ashanti chief executive Mark Cutifani is stepping down to take over as the head of global mining giant Anglo American, the South African gold producer has said.

Cutifani, an Australian, is replacing Cynthia Carroll in a job seen by analysts as one of the toughest in the mining business.

He is expected to use his South African mining credentials and more than five years’ experience at the helm of Johannesburg-based AngloGold in dealing with labour unrest in the country.

He will also have to smooth Anglo American’s path as it restructures its battered platinum arm.

Carroll said in October she would be leaving the firm after more than five years in charge, under pressure from investors unhappy with Anglo’s lagging share price and its dependence on strike-hit South Africa.

She has also been criticised for escalating costs at the group’s Brazilian flagship iron ore project, Minas Rio.

AngloGold’s chief financial officer and technical development head will act as interim chief executives.

- Reuters