Anglo American announces management shake-up

Anglo American announced a series of management changes on Thursday as it looks to focus on the group’s marketing business.

The miner has appointed Peter Whitcutt as chief executive officer of its marketing business. Whitcutt, who has served as group director of strategy, business development and marketing since 2013, will focus on delivering "the full potential of the marketing business", which Anglo said has delivered considerable commercial benefits to date.

Bruce Cleaver has been appointed as the new group director of strategy and business development, having served as executive head of of strategy and corporate affairs for De Beers, in which Anglo has an 85% stake.

Anglo said Cleaver’s mandate includes the ongoing analysis of global economic and commodity specific trends to inform the group's strategy in a more volatile market environment.

Gareth Mostyn, who is currently chief financial officer of De Beers, has been appointed as executive head of strategy and corporate affairs for De Beers.

All of the appointments will be effective from 1 January next year, although Mostyn will fulfil his year-end reporting commitments as CFO.

Anglo added that the appointment of a new CFO of De Beers will be made in due course.

Chief executive Mark Cutifani said: "The full potential of our marketing business is clear and is ever more important to realise. Peter Whitcutt's leadership in identifying that potential based on long-term and mutually beneficial customer relationships and the quality of our product offering has proven the need for his efforts to now be focused entirely on this work.”

At 1118 GMT, Anglo shares were down 4.8% at 468.95p.