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Any takers for Cynthia Carroll's vacated seat?
While the market is awash with speculation over who should take up Cynthia Carroll's position as Anglo American's CEO, it is clear that her successor faces a tough task, particularly in terms of stabilising the company's South African operations, the Mail & Guardian says.
After Carroll resigned last week, minister of mineral resources Susan Shabangu said she hoped a South African would be appointed. This echoes the Public Investment Corporation's call for greater representation of emerging markets on Anglo's board.
But an industry insider, who did not want to be named, said it remained to be seen whether any chief executive would want to step up to the plate given the challenges Anglo faces, especially in South Africa. "The question is, would anyone be keen [on the job] given the ratio of assets exposed to risks that are outside their control?" the source said.
According to the Mail & Guardian, more than a third of Anglo's assets - making up more than half of the group's profits - are based in South Africa, where the mining sector has been pummeled by violent labour unrest while facing uncertainties as the ruling ANC debates over state intervention in the industry.
Read the full article on http://mg.co.za
