Bloomberg News

Anglo American’s Carroll Said to Get $3.2 Million on Departure

March 01, 2013

Anglo American Plc (AAL) Chief Executive Officer Cynthia Carroll will receive about 2.1 million pounds ($3.2 million) as she leaves the mining company next month, according to a person with knowledge of the matter.

Carroll will get 700,000 pounds of her 2012 bonus this month and about 1.4 million pounds in vested shares when she leaves at the end of April, the person said, asking not to be identified because the agreement is private.

Princeton, New Jersey-born Carroll will also receive monthly payments from her 1.2 million pound-annual salary until she finds a job, up to the end of 2013 at the latest, the person said. The payouts could reach as much as 7 million pounds in total if all of a set of conditions related to the company’s earnings performance over the next two years are met, the person said.

The 56-year-old, who is being replaced by AngloGold Ashanti Ltd. (ANG) CEO Mark Cutifani, was the first woman, external hire and non-South African to lead London-based Anglo. Carroll announced her departure in October, after the company had lost almost a quarter of its value during her five-year tenure and suffered cost blowouts and delays at its $8.8 billion Minas-Rio iron-ore project in Brazil.

Sky News earlier reported the terms of Carroll’s exit package. A spokesman for Anglo declined to comment.

Tom Albanese, who stood down as Rio Tinto Group CEO in January, left without a bonus or cash lump sum after the company said it will take about $14 billion of writedowns.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

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


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