  | |
| |
 | Wed, 29 Nov 2006 |
|
Trahar to quit Anglo in ‘07 Posted: Tue, 25 Apr 2006 [miningmx.com] -- ANGLO American CEO, Tony Trahar, has unveiled plans to quit the group after six years at the helm. Trahar’s departure, which has been scheduled for next year, follows a number of resignations of senior operational managers including Barry Davison (Anglo Platinum CEO) and Tony Lea (Anglo American financial director). Analysts wondered how the group would shape up after Trahar’s departure given a change of guard within the board and recently announced plans to accelerate the divestment of non-core assets, including the sale of Highveld Steel & Vanadium and the listing or sale of Mondi, its paper and packaging company. One likelihood is that the group may have to seek a successor externally for the first time in many years. “I’m sure the London market will demand this of Anglo,” said Des Kilalea, a mining analyst for the Nedbank Group. Normally, Anglo makes its senior appointments from its own ranks. Candidates for the top job historically boast Oxbridge academics and a period serving on various committees within the group. “All successors normally have to serve their penitence in the group. If they go outside, it’ll be a major shift for the company,” said David Shapiro, an analyst for Sasfin, a South African stockbroker. There were no obvious successors within the group except Simon Thompson, a South African who heads the group’s out-performing base metals division. “There aren’t many in the group with the profile internationally,” said Mike Schroder, a fund manager for Old Mutual Asset Management. Another analyst, who declined to be named, said that the departure of Trahar represented a crucible for Anglo. “The long-only investors think this could be something quite big for Anglo,” said one UK analyst. “There’s the thought here that it’s over for Anglo”. With no obvious successor internally, it’s thought that the streamlined Anglo, “... having divested of the bits nobody wants... ” could have lined itself up for a takeover. “I wouldn’t be surprised if a company like Rio Tinto made an all equity bid for Anglo next year installing its own management in lieu of a strong strategic direction,” he said. After first riding the news, which was released around midday in London, investors responded selling Anglo down nearly 2%. “I think the market is taking a dim view of this. Just when Trahar was getting his strategy right and his name known, he decides to quit before his time,” said Shapiro. Commenting on his resignation, Trahar said: “As you know, I suggested this timescale with the clear intention of first completing our strategic restructuring programme. “This will be done with due dispatch after which it seems to me that it will be a good moment, at the age of 58, to hand over a new leadership team so that they can oversee the next phase in the development and growth of the group,” Trahar said. Trahar was speaking at the group’s annual general meeting at which the resignation was confirmed. Anglo chairman, Mark Moody-Stuart, said Trahar was “determined to drive through the completion of this programme”.Free news alerts: click here to subscribe
| ||||
0% 
