Cynthia Carroll Bows to Investor Pressure, Quits as Anglo American CEO

(IDEX Online News) - Anglo American announced that Cynthia Carroll has decided to step down as Chief Executive, with the Board’s agreement. She will remain in her post until a successor has been appointed and an appropriate transition has taken place.

Her resignation comes amid reports that institutional shareholders were dissatisfied with her performance, in particular the cost overruns of the Minas Rio iron ore mine in Brazil.

Most recently, Sky News reported that shareholders had successfully lobbied Anglo Chairman Sir John Parker. “He appears to have got the message,” Sky quoted one institutional investor. “There have been signals from the company that there will be change at the top – and soon.”

Commenting on the speculation Carroll was pushed, Parker said, "We always listen carefully to shareholders; it's the responsible thing to do." He added, however, the resignation was Carroll's decision.

Carroll took over as Anglo's CEO in March 2007. Under her leadership, after a record year in 2008, the Group successfully weathered the global financial crisis. 

Explaining her decision to step down, Carroll said, “It has been a great honor to lead Anglo American. 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.

“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.”