Wanblad’s nomination marks the first time a South African has run the company since Tony Trahar stepped down in 2007. It’s also the last of a series of expected leadership changes at the world’s biggest miners.
The upcoming boss began his career at Anglo American in 2008, when he was appointed to head the copper division. In that role, Wanblad drove the development of the Quellaveco copper mine in Peru, which is slated to begin production next year.
Cutifani, 63, will retire at the company’s annual shareholder meeting in April, but will remain an Anglo American employee until June 2022 to support the management transition, the company said.
The mining veteran, who assumed the role in 2013, will be a tough act to follow. He has navigated Anglo American through one of its most difficult periods, taking it from a market underperformer to posting in July the best half-year profit in the company’s 104-year history.
Anglo’s chair Stuart Chambers said on a call with reporters Wednesday that having a South African at the top post will be “distinctly advantageous”, adding that Wanblad, a mining engineer by training, was the “standout candidate regardless of his nationality”.
Wanblad will receive annual basic pay of £1.25 million plus a bonus of up to 210% of his 2022 salary, provided certain performance targets are met. Half of any award will be deferred into shares, Anglo said. In addition, he will be eligible for shares worth up to 300% of his basic salary, vesting after three years, under a long-term incentive plan.
