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Anglo reorganises in pursuit of growth as finance boss retires
Global Banking & Finance Review®
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(Reuters) -Anglo American’s Finance Director Stephen Pearce will retire this year and the company will consolidate its production
(Reuters) -Anglo American’s Finance Director Stephen Pearce will retire this year and the company will consolidate its production businesses into two regions as the miner pursues growth in “future-enabling” minerals, the company said on Wednesday.
Over the last year, Anglo American has made several management changes, including appointing a new CEO for its De Beers diamond business.
It said the process of finding a successor to Pearce, who held the position for six years, is under way.
As major mining companies seek to secure metals needed for the transition to a green economy, CEO Duncan Wanblad said Anglo American’s organisational changes were designed to deliver its potential for growth “as a responsible producer of future-enabling metals and minerals”.
“I believe that we are well-positioned to produce and grow into the two major demand trends of economic decarbonisation and the needs of a growing and urbanising global population,” he said.
Effective from July, the company will consolidate its production businesses into two regions – Americas, and Africa and Australia.
Each of the regions will have a regional director. Ruben Fernandes, based in Brazil, will head the Americas region, where the miner digs for iron ore, nickel and copper.
Themba Mkhwanazi, who will be based in South Africa, will head the Africa & Australia region, where the company mines platinum, iron ore and steel-making coal.
(Reporting by Richard Rohan Francis in Bengaluru and Felix Njini in Nairobi; Editing by Savio D’Souza and Barbara Lewis)
A Finance Director is a senior executive responsible for managing the financial operations of a company, including financial planning, risk management, record-keeping, and financial reporting.
Future-enabling minerals are essential resources that support the transition to a sustainable and low-carbon economy, such as lithium, cobalt, and nickel, which are crucial for renewable energy technologies.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, focusing on the relationships among stakeholders and the goals of the organization.
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