The company is focusing on marketing and its turnaround strategy as the head of its Brazilian iron-ore unit stands down
LONDON— Anglo American PLC has shuffled its management team, announcing Thursday the departure of its iron-ore chief and a renewed focus on sales and marketing, as its share price plunged to new lows along with the prices of the commodities it mines and sells.
Paulo Castellari, the head of its Brazilian iron-ore unit, has decided to step down at the end of the year to pursue other opportunities, the company said. He was responsible for bringing Anglo’s delayed and costly $8.8 billion Minas Rios iron-ore project into production last year, just as prices for the steelmaking ingredient spiraled toward historic lows.
Anglo American also appointed Peter Whitcutt as its first dedicated chief of marketing, having served as head of strategy, business development and marketing since 2013.
Chief Executive Mark Cutifani said about two years ago he wanted Anglo American to think about marketing its own product in similar ways to its rival, Glencore PLC, where both its mining and trading divisions are among the largest in the world. Anglo American said it doesn’t plan to sell other miners’ products, though, unlike Glencore.
“The full potential of our marketing business is clear and is ever more important,” said Mr. Cutifani in a news release.
The management shuffle comes at a time when Anglo American is trying to turn around its fortunes following years during which it underperformed its peers, such as BHP Billiton Ltd. and Rio Tinto PLC. The British mining giant’s share price has been pummeled, falling more than 60% so far this year; on Thursday it hit 447.2 pence, its lowest since the shares were listed in London in 1999.
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