Anglo American PLC (LSE:AAL) appointed Duncan Wanblad to succeed Mark Cutifani as chief executive from the date of its AGM next April.
Cutifani who has been at the helm of the diamond, iron, copper, and platinum miner since 2013 will retire as CEO and step down from the board at the same time.
Wanblad, 54, was seen as heir apparent when he was named Anglo’s director of strategy and business development in 2019 having previously been in charge of the group’s base metals operations.
Stuart Chambers, Anglo’s chairman 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.”
Cutifani has undertaken a string of strategic moves at Anglo that initially helped stabilise the business after a difficult period but has enabled it to benefit handsomely from the current surge in commodity prices.
Recently the emphasis has been on ‘greening up’ the business with the demerger of its thermal coal operations in South Africa in April into a new venture, Thungela, a clear sign of the direction of travel.
Last week, the group also set a target to be carbon neutral by 2040 and to reduce its scope three emissions by 50% by the same date.
Wanblad will be paid a base salary of £1.25mln with a bonus of on top up to 210% subject to “a combination of measures to ensure alignment with Anglo American's financial goals, strategic priorities and business needs”.
How much of the bonus is related to Anglo’s ESG goals was not clear.
The new CEO will also be entitled to shares as part of a long term incentive scheme.