The century-old mining giant Anglo American Plc named Stuart Chambers as its new chairman less than a year after he steered U.K. chipmaker ARM Holdings Plc through a $32 billion takeover.
Chambers, a former chairman at ARM and Rexam Plc, will join Anglo’s board in September and take over the post in November, the company said in a statement Wednesday. The 61-year-old is replacing John Parker, who said he was standing down earlier this year.
The new chairman will join as Anglo seeks to build on a recovery following a raw-materials downturn that hurt most of the mining industry. The company’s shares slumped to a record low in London in early 2016 on concerns about its debt position. Chief Executive Officer Mark Cutifani announced a plan to radically shrink the company through asset sales, but reversed the strategy this year after recovering commodity prices revived profits.
Anglo rose 1.4 percent to 1,059.50 pence by 9:20 a.m. in London. SoftBank Group Corp. bought Cambridge, England-based chip designer ARM last year in its biggest ever deal. Rexam, a packaging and tincan maker, was bought by U.S. company Ball Corp. for 4.4 billion pounds ($5.7 billion) in 2016.
“The one noteworthy fact of his appointment is that both companies he previously chaired ended up getting sold,” said Ben Davis, an analyst at Liberum Capital Ltd. in London.
For the rest of this article, click here: https://www.bloomberg.com/news/articles/2017-06-07/anglo-appoints-chambers-to-replace-outgoing-chairman-parker