SOUTH32 has appointed Matthew Daley, an Anglo American executive with extensive copper experience, as its new CEO to succeed Graham Kerr, who has led the company since its spin-off from BHP in 2015.
The Perth-based diversified miner announced that Daley will join as deputy CEO in February before assuming the top position later in the year. South32 has packaged a compensation deal worth up to $12m to attract Daley from his current role as technical and operations director at Anglo’s London headquarters, combining cash and long-term share incentives. His annual salary will be $2m, with potential bonuses reaching $6.4m.
“Matthew is a highly accomplished executive with extensive operational and leadership experience, including in copper and in the Americas, and the board is confident he is the right successor for Graham,” said South32 chairperson Karen Wood.
Daley joined Anglo American in 2017 as group head of mining after previous roles at Glencore’s Canadian copper division, Xstrata, and Minera Alumbrera. His appointment follows an 18-month succession planning process that evaluated both internal and external candidates.
Anglo said on Monday Tom McCulley would become its new technical director. McCulley will retain his current responsibilities for Anglo American’s Crop Nutrients business, the group said.
The ASX-listed South32, which marks its 10th anniversary this week, mines and produces various commodities including aluminium, silver, and nickel across operations in Australia, Africa, and South America. The company has increasingly targeted copper assets, acquiring a 45% in Chile’s Sierra Gorda open pit mine in February 2022.
During his tenure, Kerr has strategically repositioned South32 toward future-facing metals such as copper, zinc, and low-carbon aluminium. He divested coal assets in South Africa, NSW, and Queensland while reducing exposure to downstream processing through sales including the Bell Bay manganese smelter.
“I love our people, I love this company, but I think change is good,” Kerr said. “If you’re getting into double digits [of years spent as CEO], you’ve probably been there too long.”
Kerr’s growth strategy focused on early-stage entries like the $1.9bn acquisition of copper junior Arizona Mining and a 50% stake in Alaska’s Ambler base metals project, though he departed from this approach with the $2.8bn investment in Sierra Gorda.
South32 reported a first-half profit of $360m (A$560m) on revenues of $3.1bn earlier this year. The company has a market capitalization of approximately A$12.5bn and recently secured approval to extend its Worsley Alumina project in Western Australia.
