2nd UPDATE: Anglo American's CEO Named Angloplat Chairwoman

5th Jul 2010 09:24

(Adds detail, quotes.) By Robb M. Stewart Of DOW JONES NEWSWIRES JOHANNESBURG (Dow Jones)--Anglo American PLC (AAL.LN) Chief Executive Officer Cynthia Carroll is to also become chairwoman of the mining company's majority-owned Anglo Platinum Ltd. (AMS.JO) business in South Africa, replacing Tshamano "Fred" Phaswana, who has resigned from a post he has held since 2006. Carroll, 51, who has been Anglo American CEO and a nonexecutive director of Angloplat since 2007, will assume the new role at the platinum company Sept. 1, the companies said Monday. The London-based company nominated Carroll, and the decision was unanimously supported by Angloplat's board, Anglo American said. It said the appointment continues the approach of drawing Angloplat's chairman from Anglo American's board. At the same time, Valli Moosa will take over as deputy chairman from Tom Wixley, who has resigned but will remain an independent nonexecutive director, it said. "Our shared views and close working relationship give me great confidence that Cynthia will continue to work highly effectively with the rest of the board and will provide continuity of leadership for Anglo Platinum," Phaswana said. Phaswana, 65, joined the board of Anglo American South Africa in mid-2002. He is also a director of media company Naspers Ltd. (NPN.JO) and until last year was chairman of state transport company Transnet Ltd. Angloplat is the world's largest producer of platinum in a country that accounts for most of the global supply of the metal. South Africa's government last week retained a target of 26% black ownership by 2014 for mining companies, but added a goal that at least 40% of the board, executive committee and middle and junior management should be made up of people previously disadvantaged under apartheid. The discriminatory apartheid system ended in 1994, but the government has been concerned companies aren't moving quickly enough to bolster the presence of black South Africans in the industry. Angloplat CEO Neville Nicolau said: "I have worked closely with Cynthia since I became CEO of Anglo Platinum, during a time when we have achieved a significant restructuring and operational turnaround of the world's leading platinum company." Nicolau, formerly chief operating officer of the platinum miner, took over in June 2008 almost a year after Ralph Havenstein stepped down, a decision widely believed to have been prompted by Carroll's unhappiness over Angloplat's poor safety record at the time. -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] (END) Dow Jones Newswires July 05, 2010 04:24 ET (08:24 GMT)