Wrap Text
Appoints Stephen Pearce as Finance Director
Anglo American plc
(Incorporated in England and Wales)
(Registration number: 3564138)
Registered office: 20 Carlton House Terrace, London, SW1Y 5AN
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
Anglo American appoints Stephen Pearce as Finance Director
Anglo American plc (“Anglo American”) announces the appointment of Stephen Pearce as
Finance Director, following René Médori’s decision to retire, as announced in April 2016. Mr
Pearce will join Anglo American and its Group Management Committee on 30 January 2017,
prior to joining the Board as an executive director and taking over as Finance Director with
effect from 24 April 2017, thereby enabling a smooth transition and the completion of the 2016
financial reporting process.
Stephen Pearce has been CFO of Fortescue Metals Group Ltd (“Fortescue”), the Australia-
based and listed iron ore producer, since 2010, playing a major role in steering the company
through a period of major investment and strong growth. In more recent times, he has worked
through the challenges of the sharp decrease in iron ore prices via rapid cost improvement and
significant debt reduction.
Mark Cutifani, Chief Executive of Anglo American, said: “We are very pleased that Stephen
Pearce will be joining Anglo American as Finance Director. Stephen brings proven financial and
commercial experience gained across the extractive and related industries. His strong
relationships with the debt and equity capital markets have proven immensely valuable in his
role at Fortescue, as has his work across complex cost and other efficiency performance
programmes. We look forward to welcoming him to Anglo American in January 2017. We are
also very grateful to René Médori for his ongoing commitment to the asset divestment and
restructuring processes that he will continue to lead until his retirement at the end of 2017.”
Stephen Pearce said of his appointment: “I am delighted to be joining Anglo American at what
is undoubtedly a pivotal time for our industry. I look forward to working with Mark Cutifani and
the senior team to create the new Anglo American. Through the portfolio restructuring and
business improvement and efficiency programmes, we will create a very different investment
proposition for Anglo American’s shareholders.”
Sir John Parker, Chairman of Anglo American, added: ““We look forward to welcoming Stephen
Pearce onto our Board, together with the wealth of mining industry and wider experience that
he brings with him."
René Médori will remain on the Board until the conclusion of Anglo American’s AGM on 24
April 2017, when he will step down from the Board. Until his retirement from Anglo American at
the end of 2017, Mr Médori will provide continuity of leadership of the asset divestment and
other portfolio restructuring processes, thereby enabling his successor to have a full induction
and familiarisation with the business and its key assets.
Notes:
Stephen Pearce, age 52, was appointed CFO of Fortescue Metals Group in March 2010. He is
an executive director on the Board of Fortescue, a director of its subsidiary companies and a
member of a number of its operating and other committees.
Mr Pearce has more than 16 years of public company director experience and 30 years’
experience in the mining, oil and gas and utilities industries. He previously held the positions of
Managing Director and CEO of Southern Cross Electrical Engineering Limited and was Chief
Financial Officer of Alinta Limited.
Mr Pearce has a Bachelor of Business from Royal Melbourne Institute of Technology, a
Graduate Diploma in Company Secretarial Practice and is a Fellow of the Institute of Chartered
Accountants, a Member of the Governance Institute of Australia and the Australian Institute of
Company Directors. Mr Pearce is currently Chairman of the Lions Eye Institute and a Non-
Executive Director of Cedar Woods Properties Limited, an Australia-listed property
development company.
There are no additional details to disclose under Listing Rule 9.6.13R in respect of the
appointment of Stephen Pearce.
Stephen Pearce will be subject to a standard Anglo American plc employment contract which
includes a notice period of 12 months. His remuneration package comprises:
- Base salary of GBP775,000;
- Annual bonus and long term incentive plan consistent with Anglo American’s
Remuneration Policy (Note: Remuneration Policy subject to consultation for approval
by shareholders at the Anglo American AGM in April 2017);
- Compensation for incentives forfeited from his previous employer – based on current
share prices and exchange rates, the face value of these awards is approximately
GBP3.4 million, more than 90% of which will be in the form of Anglo American shares. The
awards will be subject to performance conditions, and the vesting periods will reflect
those of the original awards, as required by Anglo American’s Remuneration Policy;
and
- Other benefits including pension, medical insurance and relocation from Australia to the
UK.
The financial arrangements relating to René Médori’s retirement from Anglo American’s Board
in April 2017 and from Anglo American at the end of 2017 will be finalised and disclosed in due
course.
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
marcelo.esquivel@angloamerican.com
Tel: +44 (0)20 7968 8891
South Africa
Pranill Ramchander
pranill.ramchander@angloamerican.com
Tel: +27 (0)11 638 2592
Ann Farndell
ann.farndell@angloamerican.com
Tel: +27 (0)11 638 2786
Anglo American is a globally diversified mining business. Our portfolio of world-class
competitive mining operations and undeveloped resources provides the raw materials to meet
the growing consumer-driven demands of the world’s developed and maturing economies. Our
people are at the heart of our business. It is our people who use the latest technologies to find
new resources, plan and build our mines and who mine, process and move and market our
products – from diamonds (through De Beers) to platinum and other precious metals and
copper – to our customers around the world.
As a responsible miner, we are the custodians of those precious resources. We work together
with our key partners and stakeholders to unlock the long-term value that those resources
represent for our shareholders, but also for the communities and countries in which we operate
– creating sustainable value and making a real difference.
www.angloamerican.com
23 September 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/09/2016 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
