Dear chairman of Anglo American, please fire your CEO: signed shareholders
Some of Anglo American's top shareholders are demanding that CEO Cynthia Carroll be shown the door, according to a report by the Telegraph.
With a share price down 26% in six months, shareholders fear that the world's largest platinum producer could be the target of a hostile takeover.
Those who have lost their faith in the company's leadership, have contacted the chairman of Anglo American, John Parker, demanding that he begin looking for another CEO.
"We want to get the ball rolling and [get] fresh management as soon as possible. These things take a while and Anglo American is vulnerable – if Glencore got its act together Anglo American is a sitting duck," says an unnamed investor in speaking to the Telegraph, with another saying, ". . . the company is suffering from bad execution, a poor strategy, and a crisis of confidence in the leadership. We haven't been happy for a while but the last set of results was the coup de grâce."
Since Cynthia Carroll took the reins in March 2007, the company's share price has dropped over a third during the length of her tenure.
Last month MINING.com reported Anglo American’s net profits dropped 40% for the first half of the year.
Anglo also announced another setback to its flagship iron ore project, Minas Rio, in Brazil where regional courts upheld a ruling that prohibits development within 250 meters of sites of 'environmental importance.' It is not known if this will further delay the Minas Rio mine which has already been set back a year due to licensing issues.
“We are in a very challenging country and environment.” Carroll said at the time. “There are 50 projects that have been put into the delay category.”
(Image, Cynthia Carroll, Youtube)