12th Nov 2015 08:29
LONDON (Alliance News) - Anglo American PLC on Thursday said it has made a number of senior management changes to reflect its decision to focus on its marketing business, all of which will come into effect at the start of 2016.
"The full potential of our marketing business is clear and is ever more important to realise," said Chief Executive Mark Cufitani. The marketing business is Anglo's commodities trading arm and includes diamond business De Beers.
The FTSE 100-listed multi-commodity miner said it has appointed Peter Whitcutt as the new chief executive of its marketing business. Whitcutt has been Anglo American's director of strategy, business development and marketing since 2013.
He will focus on trying to deliver the "full potential" of the marketing business, the miner said.
Anglo American has also appointed Bruce Cleaver as its new director of strategy and business development. Prior to the appointment, Cleaver was the executive head of strategy and corporate affairs for De Beers, in which Anglo American holds an 85% stake.
Cleaver will be analysing global economy and commodity trends to develop the company's strategy in a "more volatile market environment". Anglo American said Cleaver will continue to act as a non-executive director of De Beers.
The miner has also appointed Gareth Mostyn as its new executive head of strategy and corporate affairs. Mostyn was the chief financial officer of De Beers before the appointment, and the company will appoint a replacement "in due course".
In addition to those changes, Anglo American said Paulo Castellari has decided to step down from his role as chief executive of the company's iron ore business in Brazil. He will remain with the company until the end of the year.
Anglo American shares were down 1.0% to 488.15 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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