Veteran mining executive Mark Cutifani has announced his retirement, ending his reign as the man in charge of Anglo American after the better part of a decade at the helm. Cutifani’s tenure will be remembered fondly, taking the diversified miner to new heights, as commodity prices across the board have remained robust over the past few years. As outlined by our partners at The Wall Street Journal below, Cutifani will be best known for turning around the operational inefficiencies that were present before he took the post. He has transformed the multinational mining conglomerate into a more environmental, social and governance (ESG) friendly business, exiting thermal coal while acquiring commodity assets that will benefit from the move to the green economy. Anglo American stalwart Duncan Wanblad has been announced as Cutifani’s successor – rather big shoes to fill. — Justin Rowe-Roberts, Investment correspondent.
Anglo American CEO to Retire After Reviving Mining Giant
Mark Cutifani, credited with restoring fortunes of De Beers owner, to be succeeded by company insider Duncan Wanblad
Nov. 3, 2021 7:29 am ET
Anglo American said Chief Executive Mark Cutifani would retire next year, ending a near-decadelong reign that revived one of the mining industry’s most storied names.
Mr. Cutifani’s departure is the latest change at the top of the world’s largest mining companies, with the CEOs of Glencore, BHP Group  and Rio Tinto all stepping down in the past year or so.
Anglo American said Wednesday that Mr. Cutifani would be succeeded as CEO by company veteran Duncan Wanblad in April next year.
During his tenure, Mr. Cutifani led a turnaround of a troubled iron ore operation and positioned the company—founded a century ago by diamond and gold magnate Ernest Oppenheimer—in so-called future-facing commodities. He exited thermal coal while establishing a promising copper business and buying a potash miner.
The Australian native took the top job at Anglo American in 2013 as commodities prices plumbed historic lows and the company grappled with problems at an iron-ore mega project in Brazil that resulted in $11.3bn of write-downs and came to symbolise the industry’s excesses during the preceding commodities bull run.
Mr. Cutifani promised to sell assets and cut jobs, though a revival in commodity prices helped steady the listing miner, which owns the De Beers diamond business.
Mr. Cutifani’s biggest impact was the operational turnaround in the company’s mines, said Danielle Chigumira, a mining analyst at Bernstein.
“Before, if Anglo gave you guidance for 100,000 tons of production for a mine, what you would put into your model is 90,000 because they disappointed so much,” she said.
“Now, if they gave 100, you would put in 102 or 105,” she added.
Mr. Cutifani, a big rugby fan who began his career as an underground mining engineer, had widely telegraphed his retirement.
He hands over to Mr. Wanblad, who is currently Anglo American’s director of strategy and business development and previously ran its base metals business.
The 54-year-old mining veteran inherits a miner with a broad portfolio of resources, including diamonds, iron ore, platinum, copper and potash. But like other miners, Mr. Wanblad needs to contend with continued pandemic-induced volatility in commodity prices, while convincing investors to buy into a sector many see as a dirty industry with a heavy impact on communities where it operates.
Mr. Wanblad’s challenges also include getting off the ground Anglo American’s new potash mine, which has a troubled history.
Write to Alistair MacDonald at [email protected]
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Appeared in the November 4, 2021, print edition as ‘CEO of Anglo American To Retire.’
