ANGLO AMERICAN PLC - Anglo American appoints Duncan Wanblad as Chief Executive to succeed Mark Cutifani

Anglo American appoints Duncan Wanblad as Chief Executive to succeed Mark Cutifani

Anglo American plc (the “Company”)
Registered office: 17 Charterhouse Street, London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM

3 November 2021

Anglo American appoints Duncan Wanblad as Chief Executive to succeed Mark Cutifani

Anglo American plc (“Anglo American”) announces the appointment of Duncan Wanblad as Chief
Executive, with effect from Anglo American’s AGM on 19 April 2022. Mr Wanblad, who will also join the
Board of Anglo American as an executive director on the same date, succeeds Mark Cutifani who will
retire as Chief Executive and step down from the Board at the AGM after nine years in the role.

Commenting on Mr Wanblad’s appointment, Stuart Chambers, Chairman of Anglo American, said:

“Duncan Wanblad is the standout and natural successor to Mark Cutifani, bringing his 30 years of
international mining experience and deep understanding of Anglo American, its culture and its context.
In both executive and non-executive roles spanning most of Anglo American’s businesses, Duncan has
been integral to shaping the strong competitive position of the company today. Following a rigorous
global process to identify Mark’s successor, including those on our internal succession plan, the Board
felt that Duncan is uniquely qualified to take Anglo American on the next phase of improvement and to
deliver what is one of the industry’s leading growth stories. On behalf of the Board, we congratulate
Duncan on his appointment as Chief Executive.”

Duncan Wanblad said of his appointment:

“I am honoured that the Board has given me the opportunity to lead this great company and our
wonderful colleagues around the world. Having started my career underground as a junior engineer, I
have never lost sight of what it takes to produce the metals and minerals that are ever more vital to
support our life on this planet. Our responsibility to do so safely and sustainably, including meeting our
employees’ and stakeholders’ expectations of us, has never been greater. Through the way we work, the
technologies we are deploying to drive us towards our sustainability goals, and the breadth of
opportunities I can see, we are determined to live up to that promise.”

Paying tribute to Mark Cutifani’s leadership, Stuart Chambers added:

“The Board’s appointment of Mark Cutifani was an inspired decision that has served Anglo American and
all its stakeholders well over almost a decade. Beyond his unquestionable mining expertise, his personal
qualities as a leader to inspire people towards an ambition are second to none. He has led his executive
team with distinction through thick and thin to transform Anglo American’s performance and prospects,
helping build a culture of self-belief and resilience. Mark’s legacy in the areas of safety, the power of
engagement, and his vision for a very different and sustainable future for mining enabled through
technology, deserve particular recognition. The Board is enormously grateful to Mark for his unerring
commitment and all that he has achieved.”

Mark Cutifani added, reflecting on his tenure as Chief Executive:

“There has been no greater privilege for me than leading Anglo American and our incredible people.
Together, we have transformed our competitive position and led the way towards a very different future
for mining – a safer, smarter future that delivers enduring value for all our stakeholders. By delivering our
promises, we have established the credibility and capabilities that are the foundation for Anglo
American’s next phase of growth. I can think of no better leader than Duncan to pick up the baton and
pursue the many opportunities that lie ahead for our business.”

Remuneration arrangements

Duncan Wanblad
Duncan Wanblad’s remuneration package will comprise a basic salary and variable incentive
arrangements which are fully in line with Anglo American’s current remuneration policy.

The key elements of the package are as follows:

    •    Basic salary: £1,250,000 per annum.
    •    Pension: Anglo American will make an annual contribution of 15% of basic salary, in line with the
         typical contribution rate for the UK workforce from 2023.
    •    Annual bonus: a maximum annual bonus of 210% of basic salary for 2022, pro-rated from Mr
         Wanblad’s start date. Subject to a combination of measures to ensure alignment with Anglo
         American’s financial goals, strategic priorities and business needs. Half of any bonus earned will
         be deferred into shares, with one third vesting after two years and two thirds after three years.
    •    Long Term Incentive Plan (LTIP) – an annual award under the Long-Term Incentive Plan of up to
         300% of basic salary vesting after three years, to the extent that stretching performance
         conditions have been satisfied, and released after a further two year holding period, with the
         first award to be made in 2022.
    •    Malus and clawback provisions apply to the annual bonus and LTIP.
    •    Shareholding guidelines:
           o  to accumulate a shareholding in Anglo American to the value of four times’ basic salary
              within five years of appointment;
           o  to maintain a holding of Anglo American shares for a period of two years after his
              employment ceases. The number of shares will be the lower of the in-post requirement
              at the time of cessation or the actual shareholding at cessation.

Mark Cutifani
Mark Cutifani will retire as chief executive and step down from the Board on 19 April 2022 and he has
agreed to remain employed by Anglo American until 30 June 2022 to continue to support the transition.
His remuneration arrangements on retiring will comprise a payment in lieu of unworked notice, good
leaver treatment in respect of outstanding share awards and a pro-rated bonus payment in respect of
time served to 30 June 2022, which will be paid fully in cash. Mr Cutifani’s outstanding LTIP awards will be
pro-rated in respect of time served to 30 June 2022 and vest at the normal time, to the extent that the
performance conditions have been satisfied. These arrangements are in line with Anglo American’s
current remuneration policy and practice. Mr Cutifani will continue to receive his normal salary, pension
and benefits up to the date of cessation of employment.

Following his retirement, Mr Cutifani will be expected to maintain a holding of Anglo American shares of
four times his salary on cessation, for a period of two years.

Full details of these remuneration arrangements will be set out in the 2021 Directors’ Remuneration
Report.
This announcement contains inside information.

This announcement satisfies Anglo American’s disclosure obligations in accordance with Listing Rule
9.6.11R. There are no additional details to disclose under Listing Rule 9.6.13R in respect of the
appointment of Duncan Wanblad.

Notes to editors:

Duncan Wanblad
Duncan Wanblad, age 54, was appointed Group Director – Strategy and Business Development in 2016,
also serving as CEO of Anglo American’s Base Metals business from 2013 to 2019. He is a non -executive
director of De Beers and Kumba Iron Ore, and chairs the Anglo American Foundation. Between 2009 and
2013, Duncan held the position of Group Director – Other Mining and Industrial, responsible for a global
portfolio of mining and industrial businesses for disposal or turnaround to maximise shareholder value.
He was appointed CEO of Anglo American’s Copper operations in 2008 , prior to which he served as joint
interim CEO of Anglo American Platinum from 2007 (having served on the board since 2004). From 2004
to 2007, Duncan was Executive Director of Projects and Engineering at Anglo American Platinum. Duncan
began his career at Johannesburg Consolidated Investment Company in 1990. He holds a BSc in
Mechanical Engineering and a GDE in Industrial Engineering, both from the University of Witwatersrand,
South Africa.

Anglo American is a leading global mining company and our products are the essential ingredients in
almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad
range of future development options, provides many of the future-enabling metals and minerals for a
cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions
of consumers. With our people at the heart of our business, we use innovative practices and the late st
technologies to discover new resources and to mine, process, move and market our products to our
customers – safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium
quality iron ore and metallurgical coal for steelmaking, and nickel – with crop nutrients in development
– we are committed to being carbon neutral across our operations by 2040. More broadly, our
Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy
environment, creating thriving communities and building trust as a corporate leader. We work together
with our business partners and diverse stakeholders to unlock enduring value from precious natural
resources for the benefit of the communities and countries in which we operate, for society as a whole,
and for our shareholders. Anglo American is re-imagining mining to improve people’s lives.
www.angloamerican.com


For further information, please contact:

 Media                                                       Investors

 UK                                                          UK
 James Wyatt-Tilby                                           Paul Galloway
 james.wyatt-tilby@angloamerican.com                         paul.galloway@angloamerican.com
 Tel: +44 (0)20 7968 8759                                    Tel: +44 (0)20 7968 8718

 Marcelo Esquivel                                            Juliet Newth
 marcelo.esquivel@angloamerican.com                          juliet.newth@angloamerican.com
 Tel: +44 (0)20 7968 8891                                    Tel: +44 (0)20 7968 8830

 Katie Ryall                                                 Michelle Jarman
 katie.ryall@angloamerican.com                               michelle.jarman@angloamerican.com
 Tel: +44 (0)20 7968 8935                                    Tel: +44 (0)20 7968 1494

 South Africa
 Nevashnee Naicker
 nevashnee.naicker@angloamerican.com
 Tel: +27 (0)11 638 3189

 Sibusiso Tshabalala
 sibusiso.tshabalala@angloamerican.com
 Tel: +27 (0)11 638 2175

Forward-looking statements:
This announcement includes forward-looking statements. All statements other than statements of historical facts
included in this announcement, including, without limitation, those regarding Anglo American's financial position,
business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future
operations (including development plans and objectives relating to Anglo American's products, production forecasts
and Ore Reserves and Mineral Resource estimates) and environmental, social and corporate governance goals and
aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of
Anglo American, or industry results, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and
future business strategies and the environment in which Anglo American will operate in the future. Important factors
that could cause Anglo American's actual results, performance or achievements to differ materially from those in the
forward-looking statements include, among others, levels of actual production during any period, levels of global
demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates
and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and
outbreaks of infectious diseases, the outcome of litigation or regulatory proceedings, the availability of mining and
processing equipment, the ability to produce and transport products profitably, the availability of transportation
infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the availability
of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the
world, the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and
changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo
American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo
American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such
risk factors and undue reliance should not be placed on forward-looking statements.

These forward-looking statements speak only as of the date of this announcement. Anglo American expressly
disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and
Mergers, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority,
the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the
Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly
any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo
American's expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based. Nothing in this announcement should be interpreted to mean that future earnings per share of
Anglo American will necessarily match or exceed its historical published earnings per share.

Certain statistical and other information about Anglo American included in this announcement is sourced from
publicly available third-party sources. As such, it has not been independently verified and presents the views of those
third parties, though these may not necessarily correspond to the views held by Anglo American and Anglo American
expressly disclaims any responsibility for, or liability in respect of, such information.
Legal Entity Identifier: 549300S9XF92D1X8ME43

The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the
Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange a nd the SIX Swiss
Exchange.

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 03-11-2021 09:00:00
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