Bloomberg News

Anglo Platinum CEO Nicolau’s Pay Declines by 7.4% on Bonus Cut

March 01, 2012

Anglo American Platinum Ltd., the largest producer of the metal, paid Chief Executive Officer Neville Nicolau 7.4 percent less in 2011 on a lower bonus.

While Nicolau’s salary rose 15 percent to 6.86 million rand ($917,000) from 5.96 million rand a year earlier, his bonus fell 23 percent to 4.53 million rand, the Johannesburg-based company said in an annual report posted on its website today. The value of share incentives he was awarded last year totaled 8.97 million rand, compared with 9.74 million rand a year earlier.

Nicolau this month cut the company’s 2012 output target and froze employment after annual profit dropped 64 percent to 3.59 billion rand and metal prices weakened. Parent Anglo American Plc is reviewing assets in the business that aren’t delivering acceptable returns, Anglo CEO Cynthia Carroll said.

Anglo American Platinum declined 14 percent to 583.15 rand in Johannesburg trading in the past year, while prices of the metal dropped 6 percent to $1,695.25 an ounce.

To contact the reporter on this story: Carli Cooke in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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