By Alex MacDonald
LONDON--Globally diversified miner Anglo American PLC (AAL.LN)
Friday said its Chief Executive Cynthia Carroll has decided to step
down with the board of directors' agreement but will remain in her
post until a successor has been appointed.
Ms. Carroll, who has held the post for nearly seven years, has
faced criticism from shareholders and analysts over the company's
relative under-performance compared to her peers and investment in
a Brazilian iron ore project where costs have escalated. She
however stewarded the company towards record profits in 2011 and
oversaw three major projects that have enabled the Anglo American
to enter the current downturn in a strong position.
Ms. Carroll also improved safety performance at the company's
platinum operations and orchestrated Anglo American's takeover of
majority control of the world's largest rough diamond producer De
Beers for $5.1 billion this year.
"It is a very difficult decision to leave, but next year I will
be entering my seventh year as chief executive and I feel that the
time will be right to hand over to a successor who can build
further on the strong foundations we have created," Ms. Carroll
said in a statement.
"I am extremely proud of everything we have achieved during my
period as chief executive and I will always retain enormous
admiration and affection for this great company and its outstanding
people," she added.
Anglo American's Chairman, Sir John Parker, said: "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.
Ms. Carroll is the latest female chief executive to step down
from a FTSE-100 company. U.K.-listed publishing company Pearson PLC
(PSO, PSON.LN) Chief Executive Marjorie Scardino announced earlier
this month she will leave at the end of 2012 after 16 years on the
job. Dutch logistics firm TNT Express NV (TNTE.AE) said last month
that its Chief Executive Marie-Christine Lombard has resigned.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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