Anglo American's Brazil Iron CEO Leaves Amid Management Shakeupby
De Beers' Bruce Cleaver appointed as head of strategy at Anglo
Company is seeking to sell assets, cut costs and reduce debt
Anglo American Plc, the second worst performer in the U.K.’s benchmark FTSE 100 stock index this year, said the head of its Brazil iron-ore business is leaving amid a wider management shakeup.
Paulo Castellari, chief executive officer of Anglo’s Brazilian iron-ore operations, stepped down, while Peter Whitcutt has been appointed CEO of the company’s marketing business, London-based Anglo American said in a statement on Thursday. Bruce Cleaver, currently head of strategy at diamond miner De Beers, is appointed to a similar role at Anglo and will be replaced by De Beers Chief Financial Officer Gareth Mostyn.
China’s slowdown and cooling demand for metals and minerals has hurt Chief Executive Officer Mark Cutifani’s efforts to turn around the fortunes of a business that mines platinum and diamonds in Africa and iron ore in Brazil. The mining company is seeking to raise $3 billion by selling assets and cutting jobs to trim costs and reduce debt.
Anglo has already raised about $2 billion this year by offloading its tarmac business, two copper mines in Chile and platinum assets in South Africa. The company said in July it had net debt of $11.9 billion, with a long-term borrowing target of $10 billion to $12 billion.