Anglo American plc has announced the appointment of veteran executive Nolitha Fakude and Kumba Iron Ore chief executive Themba Mkhwanazi to its executive management in a major shake-up announced yesterday.
The group said the two would be joined by top businessperson Nonkululeko Nyembezi-Heita and Hixonia Nyasulu as non-executive members. Chief executive Mark Cutifani said the group would bring diversity to its top structure. Cutifani said Fakude, who was previously an executive director at petrochemicals giant Sasol, was expected to lead the strategic direction of the company’s local assets at a time when it is re-imagining mining.
She is expected to assume her position in September. “Her breadth of experience at Sasol and her board experience with us and other major organisations stand her in good stead, as we build upon our sustainable partnerships with all our stakeholders in South Africa,” Cutifani said. Fakude is scheduled to step down as a non-executive director on the board of Anglo American plc at the end of August 2019. Her appointment follows the retirement of Norman Mbazima in April after 18 years with the group. Fakude said: “After two years on the board, I am proud to join Anglo American in an executive capacity.
As South Africa’s most significant mining investor, to the tune of R72 billion over the next five years, we have a duty to keep improving the competitive position and performance of our businesses and for our stakeholder relationships to be mutually reinforcing. I am looking forward to working with the government and regulators to help set up South Africa’s mining industry for long-term success.” Mkhwanazi is expected to assume his role next month.
The group said Nyasulu will join the board in November, while Nyembezi-Heita would come in next year. “Hixonia Nyasulu has exceptional and highly relevant global board experience drawn from the natural resources, financial services and consumer industries, and I look forward to welcoming her to Anglo American’s board.
“Her entrepreneurial spirit and passion for education and economic development will add richness to our board discussions,” said Anglo American chairperson Stuart Chambers. “Equally, Nonkululeko Nyembezi-Heita’s engineering background and extensive experience spanning mining, steel, financial services and technology in South African and global organisations offers us great breadth of insights, both technical and strategic.
“We will continue to ensure that the non-executive directors on the board represent the full breadth of Anglo American’s business.” Earlier this year, Cutifani said that the group had completely transformed the quality of its asset portfolio and its performance as a whole over the last five years, after disposing of some of its assets in South Africa and raising more than $4bn (R57bn).
“We have created a highly competitive business, with Anglo American among the very best in the industry in terms of margin. We see considerable further opportunity ahead and continue to target $3bn to $4bn of incremental annual earnings before interest, tax, depreciation and amortisation by 2022,” Cutifani said. In the past three years the group reduced net debt by more than $9bn and paid almost $2bn in dividends to shareholders in the last 18 months. Anglo-American plc declined 3.38 percent on the JSE yesterday to close at R377.87.