Anglo American announced today (10th July) that it has appointed a new Chairman - Sir John Parker.

The conglomerate created a search committee of independent directors, led by former International Finance Corporation CEO Peter Woicke, to make the selection.

Sir Mark Moody-Stuart, who Sir John will replace in the top job from 1st August onwards, expressed his approval at the decision and highlighted his successor's qualities.

He said: "Sir John is recognised as a highly-experienced and independent Chairman, has chaired four FTSE 100 companies and brings a wealth of leadership experience across a range of industries in many countries.

"The group is now well positioned to capitalise on its considerable growth prospects as a focused and responsible global mining company."

Sir John recently stepped down as Chair of the Court of the Bank of England and will relinquish other commitments - such as chairing National Grid and jointly chairing the Mondi Group - when he joins Anglo.

Reflecting on the news, he explained that he is looking forward to arriving at one of the world's largest mining groups and starting work with its "excellent management team".

"Anglo American has many great strengths, including a portfolio of high quality mining assets, an impressive growth profile, substantial and well advanced efficiency programmes and a unique position in precious commodities," he said.

Market observers have generally reacted positively to the appointment, noting that it underlines Anglo's determination to remain independent after it rejected a recent merger proposal from rival Xstrata.

RBS Analyst Tim Huff highlighted the veteran industrialist's experience in dealing with mergers and commented in an interview with Reuters that the recruitment was a "huge positive strategically".

"For Anglo shareholders, there will be a strong drive towards shareholder value, the delivery of which will in itself determine whether Anglo and Xstrata will go for a nil-premium merger," he told the news provider.

Anglo American operates Anglo Platinum, which is the world's largest platinum producer.

Sources:

Anglo American plc appoints Sir John Parker as Chairman (10/07/09)

Anglo names chairman to lead Xstrata defence (10/07/09)

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