Anglo American PLC
16 May 2000
ANGLO AMERICAN PLC ANNOUNCES APPOINTMENT OF NEW CHIEF EXECUTIVE;
PROGRAMME OF DISPOSAL OF NON CORE ASSETS TO BE ACCELERATED AND WIDENED
Anglo American plc ('AA plc') announced today at its AGM that the Board of
Directors had decided yesterday to appoint Tony Trahar as new chief executive
of the company with effect from July 18, 2000. Tony Trahar is an executive
director of AA plc and chairman of the Industrial Minerals and Forest Products
divisions. He was appointed a director of Anglo American Corporation ('AAC')
in 1989 and is also a director of Anglo Platinum and Highveld Steel, amongst
other companies.
Tony Trahar takes over as chief executive from Julian Ogilvie Thompson,
previously chairman and chief executive of AA plc. Julian Ogilvie Thompson
will continue as chairman, in a non-executive capacity.
Commenting on his appointment, Tony Trahar said that he was 'honoured to be
appointed chief executive of the world's leading mining and natural resources
group. I look forward to the opportunities and challenges that lie ahead for
AA plc'.
Julian Ogilvie Thompson said that the decision had been taken 'following a
successful first year since combining AAC and Minorco and moving to London. I
am delighted by the progress we have made and have decided that it is now
appropriate to step down as chief executive. The Board and I have every
confidence in Tony Trahar taking AA plc forward'.
The company also announced at its AGM that it had decided to accelerate and
widen the company's disposal programme of non-core assets. Prior to today's
announcement, AA plc's strategy in terms of its industrial interests, as set
out in its Prospectus, had been to enhance shareholder value through
rationalisation, merger or disposal of its stakes in non-mining, non-natural
resource assets. This included the intention to dispose of AA plc's stakes in
First Rand, a South African financial services company, AECI, an explosives
and chemicals company also based in South Africa, Terra, a US agribusiness
producer of nitrogen products and methanol, as well a number of smaller
industrial interests.
Since listing in May 1999, AA plc has successfully sold some $1.2 billion of
non-core assets.
Today's announcement that it will accelerate and widen its disposal programme
means that AA plc will now also seek to dispose of the remaining businesses in
the Industries division. Discussions have commenced in this regard with the
chairmen and chief executives of these businesses.
Julian Ogilvie Thompson, speaking at AA plc's AGM earlier today, stated that
progress was being made with the overall disposal programme and that 'a number
of possibilities were being examined to speed up the process, within the
constraints imposed by the limited size of the SA market.' However he said he
was 'optimistic that the disposal process would be significantly advanced
within the next 12 months.'
Background note:
Recent disposals of industrial assets:
1999:
Komatsu Entire shareholding sold
Zimco Entire shareholding sold
SAB plc/Bevcon Effective shareholding in SAB reduced to 2% ($159m)
Terra Distribution division sold ($452m)
Polifin AECI's 40% interest sold ($345m)
Zebra Closed
2000:
McCarthy Retail Holding reduced from 28% to 10%
Samcor Entire holding sold - last 10% on deferred terms
NF Die Castings Remaining 25% sold
Ventron Agreement reached
Biographical Information on Tony Trahar:
Born in Johannesburg on 1 June 1949, Tony Trahar was educated at St John's
College and at the University of the Witwatersrand, South Africa, where he
attained the degree of Bachelor of Commerce in 1970.
After qualifying as a Chartered Accountant in 1973 and serving articles with
Whiteley Brothers (now Deloitte & Touche), he joined Anglo American
Corporation in 1974 in the finance division. In 1982 he was appointed finance
director of Anglo American Industrial Corporation.
In 1989 he was appointed to the AAC Board, to its Executive Committee in 1996
and to the board of Minorco in 1997.
He was appointed Managing Director of Mondi, Anglo American's paper company,
in 1986 and was made Executive Chairman in June 1989. In 1992 he was appointed
Deputy Chairman of Austria's largest pulp and paper group, Frantschach AG.
He is chairman of AECI and a director of Anglo Platinum, Highveld Steel,
Nedcor, Tongaat-Hulett, and various other companies.
He is married to Patricia (Trish) and has a daughter, Frances (19), and a son
Andrew (17).
He is Chairman of the Paleo Anthropological Scientific Trust (PAST) and serves
on the executive committee of the WWF (Southern Africa) and is a Governor of
Rhodes University. His interests include shooting, fishing and collecting
classic cars.
Enquiries:
London:
Michael Spicer Edward Bickham
Tel: +44 (0)20 7698 8860 Tel: +44 (0)20 7698 8547
Mob: +27 83 227 1319
Nick von Schirnding
Tel: +44 (0)20 7698 8540
Mob: +44 07771 737055
Johannesburg:
Anne Dunn
Tel: +27 11 638 4730
Mob: +27 82 448 2684
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