[miningmx.com] — THE Board of diversified miner Anglo American will
this week discuss demands to replace chief executive Cynhia Carroll amid growing
shareholder concern over her leadership, Sky News reported on Sunday.
The report cited a number of institutional investors saying that plans for Carroll to
step down could be announced within a matter of weeks. A person close to Anglo,
however, insisted the Board meeting was routine and that a wide range of issues
would be on the agenda.
Unhappiness with Carroll stems from the company’s strategy, falling profitability and
share price, as well as repeated delays at the Minas Rio project, an iron ore project
that is among the company’s most important growth prospects but which is years
behind schedule.
Some investors are also annoyed about the handling of a settlement with the Chilean
government over the Los Bronces copper mine, although it was broadly seen as a
decent compromise deal.
Chairman John Parker has had extensive discussions with shareholders in recent
months.
“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.’
Carroll joined Anglo at the beginning of 2007, and in March will mark her sixth
anniversary in the job.
