Anglo American CEO selling the $49 million corporate jet

Anglo American (LON: AAL) CEO Mark Cutifani has put the Gulfstream G550 corporate jet up for sale as part of a broad program of cost-cutting.

Cutifani, who took over from Cynthia Carroll in April, is fighting to turn the company around after a string of "bad acquisitions, soaring costs and poor labour relations at its giant platinum operation in South Africa."

Cutifani is among the wave of chiefs hired in the midst of the great mining CEO purge. He – and his contemporaries at BHP, Rio, AngloGold Ashanti and others – is tasked with reining in costs during what are likely to be gloomy quarters ahead.

The 55-year-old Australian is currently involved in a comprehensive review of the company's operations worldwide. He will report his findings and his 'rehabilitation' plan to shareholders in July.