Anglo American has appointed local insider Duncan Wanblad as its new CEO, replacing Mark Cutifani, the JSE-listed mining group announced on Wednesday.
Cutifani is retiring next year after nine years in the role.
South African-born Wanblad will assume his new role on 19 April 2022.
“I am honoured that the Board has given me the opportunity to lead this great company and our wonderful colleagues around the world. Having started my career underground as a junior engineer, I have never lost sight of what it takes to produce the metals and minerals that are ever more vital to support our life on this planet,” said Wanblad.
“Our responsibility to do so safely and sustainably, including meeting our employees’ and stakeholders’ expectations of us, has never been greater. Through the way we work, the
technologies we are deploying to drive us towards our sustainability goals, and the breadth of opportunities I can see, we are determined to live up to that promise.”
Wanblad, age 54, was appointed Group Director – Strategy and Business Development in 2016, also serving as CEO of Anglo American’s Base Metals business from 2013 to 2019.
He is a non -executive director of De Beers and Kumba Iron Ore, and chairs the Anglo American Foundation.
Between 2009 and 2013, Wanblad held the position of Group Director – Other Mining and Industrial, responsible for a global portfolio of mining and industrial businesses for disposal or turnaround to maximise shareholder value.
He was appointed CEO of Anglo American’s Copper operations in 2008 , prior to which he served as joint interim CEO of Anglo American Platinum from 2007 (having served on the board since 2004).
From 2004 to 2007, Wanblad was Executive Director of Projects and Engineering at Anglo American Platinum. He began his career at Johannesburg Consolidated Investment Company in 1990. He holds a BSc in Mechanical Engineering and a GDE in Industrial Engineering, both from the University of Witwatersrand, South Africa.
Stuart Chambers, Chairman of Anglo American, said: “Duncan Wanblad is the standout and natural successor to Mark Cutifani, bringing his 30 years of international mining experience and deep understanding of Anglo American, its culture and its context. In both executive and non-executive roles spanning most of Anglo American’s businesses, Duncan has
been integral to shaping the strong competitive position of the company today. Following a rigorous global process to identify Mark’s successor, including those on our internal succession plan, the Board felt that Duncan is uniquely qualified to take Anglo American on the next phase of improvement and to deliver what is one of the industry’s leading growth stories. On behalf of the Board, we congratulate Duncan on his appointment as Chief Executive.”
The company said Wanblad’s basic salary is 1,250,000 pounds or R25.1 million per annum.
Cutifani will retire as chief executive and step down from the Board on 19 April 2022 and he has agreed to remain employed by Anglo American until 30 June 2022 to continue to support the transition.
Following his retirement, Cutifani will be expected to maintain a holding of Anglo American shares of four times his salary on cessation, for a period of two years.
“There has been no greater privilege for me than leading Anglo American and our incredible people. Together, we have transformed our competitive position and led the way towards a very different future for mining – a safer, smarter future that delivers enduring value for all our stakeholders,” said Cutifani.
“By delivering our promises, we have established the credibility and capabilities that are the foundation for Anglo American’s next phase of growth. I can think of no better leader than Duncan to pick up the baton and pursue the many opportunities that lie ahead for our business.”