24th Oct 2006 07:01
Anglo American PLC24 October 2006 News Release 24 October 2006 Anglo American names Cynthia Carroll as new CEO As previously announced, Tony Trahar intends to retire as Chief ExecutiveOfficer of Anglo American plc. Cynthia Carroll, currently President AlcanPrimary Metal Group, will join the Anglo American Board in mid January 2007 andwill succeed Tony Trahar as Chief Executive Officer on 1 March. Tony Traharwill step down from the board at the Annual General Meeting in April. As President and Chief Executive Officer of Alcan's Primary Metal Group, CynthiaCarroll's responsibilities include all of Alcan's primary metal facilities,research and development, technology and power generation with 18,000 employeesoperating in 20 countries around the world. The Primary Metal Group todayaccounts for approximately $12 billion in turnover and 75% of Alcan's earnings. Sir Mark Moody-Stuart, Chairman of Anglo American plc commented: "CynthiaCarroll has a very strong track record of improving operational performance,transforming culture, including improving safety performance, and of integratingand realising synergies from newly acquired assets. She has global experience ofproject management and of overseeing the development and commercialisation ofleading-edge technologies. The Board have been impressed by her clear leadershipand communication skills, her highly relevant hands-on operational experienceand of her record of working with governments and other key stakeholders." "It's an honour to take the helm at Anglo American," Cynthia Carroll said of herappointment. "Anglo American has a unique collection of assets, skilled anddedicated people, financial and technical strengths, and a strong underpinningof values and sense of responsibility. A great deal has been achieved in recentyears and the company is on course to realise the next stage of its strategy ofbecoming a focused mining group and global leader in the metals and miningindustry. It has an impressive project pipeline and enormous potential forgrowth and value creation. I look forward to building on this work and amcommitted to working with Anglo's many talented and committed individuals aroundthe world to realise the Company's full potential." Tony Trahar said "I look forward to welcoming Cynthia to Anglo American and toworking with her during the handover period. I wish her every success." Cynthia Carroll started her career with Alcan in 1988 in the Rolled ProductsGroup. In 1991 she became the General Manager of Alcan's U.S. Foil Productspackaging business. She next served in Ireland as the Managing Director ofAlcan's Aughinish Alumina subsidiary. From 1998 to 2002 she was President ofAlcan's Bauxite, Alumina & Speciality Chemicals Group. Since 2002 CynthiaCarroll has worked to substantially reposition Alcan in the aluminium industrywhile simultaneously reducing costs, resulting in Alcan Primary Metal nowachieving the highest profitability and returns in the history of the company.During this time she led the successful integration of Pechiney's primary metalsbusiness; developed a project pipeline of over $10 billion through the expansionof existing businesses, acquisitions and the development of new facilities inSouth Africa, China, Canada, Oman, and France; and achieved an over 80%improvement in Lost Time Accidents (LTAs). Prior to joining Alcan, CynthiaCarroll was a Senior Petroleum Geologist for Amoco in North America. Cynthia Carroll is 49 and is an American citizen. She has a Masters of Sciencedegree from the University of Kansas and an MBA from Harvard University. Cynthia Carroll is currently a Director of Sara Lee Corporation, a Director ofthe American Aluminium Association, and a Director of the InternationalAluminium Institute. For further information: London: Nick von Schirnding Tel: +44 207 968 8540 Edward Bickham Tel: +44 207 968 8547 South Africa: Daniel Ngwepe Tel: +27 11 638 2267 View interviews with Sir Mark Moody-Stuart and Cynthia Carroll: The interviews in video and text are available at: www.angloamerican.co.uk andwww.cantos.com Pictures: High resolution images are available at: www.angloamerican.co.uk Notes to editors Cynthia Carroll has spent the last 18 years in the aluminium industry withAlcan. Her responsibilities have embraced mergers and acquisitions,divestitures, joint ventures, plant management, research and technology, energy,finance, marketing and commercial development, human resources and provincialand international government relations. Over this time she resided in the UnitedStates, Ireland, and Canada. Prior to joining Alcan, Cynthia Carroll spent six years in gas and oilexploration, working in Colorado, Alaska, Wyoming, Utah, and Montana. Career Profile: • January 2002 - Present: President and Chief Executive Officer, Alcan Primary Metal • October 1998 - December 2001: President, Alcan Bauxite, Alumina and Specialty Chemicals • January 1996 to October 1998: Managing Director, Aughinish Alumina Limited • October 1991 to December 1995: Vice President and General Manager, Alcan Foil Products • 1989 to 1991: Business Analyst, Alcan Rolled Products Company • 1988: Business Analyst, Assistant to the President, Alcan Aluminum Corporation • 1982 to 1987: Senior Petroleum Geologist, Amoco Production Company • 1987-1989: Harvard University, Boston, Massachusetts, (MBA) • 1979-1982: University of Kansas, Lawrence, Kansas, (Master ofScience, Geology) • 1974-1978: Skidmore College, Saratoga Springs, New York, New York,(Bachelor of Science, Geology) Contractual arrangements: The appointment of Cynthia Carroll as an Executive Director of Anglo Americanwill take effect in mid January 2007 and she will become Chief Executive on 1March 2007. Salary Basic salary of £900,000 per annum Discretionary performance related bonus Maximum of 150% of base salary per annum, half deferred into forfeitable bonusshares to be held for three years. Match of up to 75% of bonus shares subjectto meeting EPS growth targets over three years Long term incentive plan (Performance share plan) A maximum annual award of 175% of base salary per annum. The plan is subject50% to a TSR metric and 50% to a ROCE metric over a three year vesting period,with no re-testing. Benefits Normal executive director benefits including defined contribution pension, carallowance, medical and life insurance. Notice Period and mitigation An initial notice period of 24 months, reducing to 12 months after the initial12 month period. The contract includes a duty of mitigation on any terminationpayment. Buy out arrangements Anglo American will compensate Cynthia Carroll for incentives forfeited atAlcan. This will be paid in a combination of an initial cash payment andforfeitable share awards, realisable over three years. Executive shareholding target A shareholding in Anglo American to the value of two times base salary withinfive years of appointment. Anglo American plc is a global leader in mining with a unique portfolio of worldclass assets in attractive markets spread across the world covering platinum,diamonds, coal, ferrous and base metals, industrial minerals, paper andpackaging and gold underpinned by considerable financial strength and technicalexpertise. Anglo American has excellent growth potential supported by a $6.2 billionapproved project pipeline. The Group is geographically diverse, with operations in Africa, Europe, Northand South America, Australia and Asia. Since listing in 1999, Anglo American hascompleted a significant number of company transforming transactions includingacquisitions of $15 billion and disposals of $9.7 billion and the Group has awell defined strategy to increase focus on its core mining assets, driveinternal efficiencies and deliver higher returns. Anglo American has a strongcommitment to safety and the sustainable development of the communities where itoperates. For further information please visit: www.angloamerican.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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