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Ian Cockerill's puzzling move to Anglo Coal Posted: Wed, 23 Apr 2008 [miningmx.com] -- Ian Cockerill's move from Gold Fields to run Anglo Coal has left most mining sector observers wondering what’s going on – and for a very good reason: it makes no sense given the known facts. At Gold Fields Cockerill is CEO of one of the world’s major mining companies listed on a string of stock exchanges worldwide and is his own boss. He has to report to a board of directors but, essentially, he’s in charge of his own destiny. He’s “the man” at Gold Fields and a serious player in international mining circles. Should there be a major dispute over the way he’s running the show, he’s also entitled to put his side of things to the board, which would vote on his future. At Anglo Coal Cockerill will be running an unlisted, wholly owned division of Anglo American and he’ll have to report to a boss – Anglo American CEO Cynthia Carroll. She’s shown herself to be a boss with very strong views on specific agendas her executives had better implement – or else. Just ask former Anglo Platinum CEO Ralph Havenstein, who disagreed with Carroll over the practical implications of her “zero fatality” safety campaign and ended up making a swift departure. So moving to Anglo Coal has to result in some loss of freedom for Cockerill. Take dealing with media/mining analysts as one small example. As boss of Gold Fields, Cockerill’s free to do pretty much as he sees fit. That could change. The classic example here is BHP Billiton, where certain top South African executives – who were once confident enough in their positions to speak to certain financial reporters and analysts – were muzzled as head office in Melbourne clamped down on them. Why would any sane CEO take such a decision that to outsiders – including this reporter – looks like a step backwards career-wise? One possible explanation is that Anglo is about to do something radical with Anglo Coal that justifies putting an executive of Cockerill’s status at the helm. So what could be in the pipeline that shareholders aren’t being told about at this stage? One possibility might be a mega-merger with another energy company to create a worldwide energy giant controlled by Anglo. Cockerill replies: “Nothing like what you’re suggesting has been indicated to me as part of taking up this position.” However, he makes it clear it’s likely a major transformation is about to take place at Anglo Coal in terms of its scope as an energy business – and that’s why he has taken on the job. It seems Anglo Coal is looking for opportunities in other sectors of the energy business than just selling thermal and coking coal. Click Here to subscribe to our daily newsletter
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