Anglo-American CEO to step down

CYNTHIA Carroll will step down as chief executive of mining company Anglo American Plc after almost six years in the job, the company has announced.

Carroll, who is to leave the company as soon as a successor is found, made no reference to reports that some investors had lost faith in her leadership following a series of controversial events including a series of strikes in South Africa and a dispute in Chile.

Anglo American shares on Friday opened 1.8 per cent higher in London at 1,890 pence.

Carroll, a 55-year-old American, was appointed chief executive in 2007. She was the first non-South African and first woman to lead the company.

"It is a very difficult decision to leave, but next year I will be entering my seventh year as chief executive and I feel that the time will be right to hand over to a successor who can build further on the strong foundations we have created," she said.

Trained as a geologist, Carroll started her career with Amoco. She joined Alcan in 1989, rising in 2002 to the posts of president and chief executive officer of Alcan's primary metals group.

Carroll will also be stepping down from her roles as chairman of De Beers, an appointment announced earlier this month, and of Anglo American Platinum.

Anglo American posted a record operating profit of $US11.1 billion ($A10.79 billion) in 2011. In that year it paid $US5.1 billion for the Oppenheimer family's 40 per cent stake in De Beers, raising Anglo's stake to 85 per cent.

In the first half of this year, operating profit slumped by 38 per cent and net profit fell 70 per cent as the group was hit by lower commodity prices and higher costs.

Anglo American also became embroiled in a dispute with Chile when it announced in 2011 that it had agreed to sell its 24.5 per cent stake in Anglo American Sur, its copper assets in Chile, to Mitsubishi for $US5.4 billion. That sale was challenged by Codelco, Chile's state-owned copper miner, which had an option to take a 49 per cent stake.

Codelco and Anglo American resolved the dispute in August as Anglo reduced its holding in AA Sur from 75.5 per cent to 50.1 per cent, while a Codelco-Mitsui joint venture took a 29.5 per cent interest.

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