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SA won’t pressure Anglo over CEO choice

President Jacob Zuma
“’ ‘We will not pressure
Anglo American.’
Johannesburg, South Africa — 30 October 2012 – The government of South Africa will not pressure Anglo American plc “’ the biggest private employer in the country “’ over its choice of a new chief executive officer, says President Jacob Zuma, contradicting his mines minister.

Anglo, which helped develop South Africa’s mining-reliant economy during almost 50 years of apartheid, announced ast week that its American CEO Cynthia Carroll was resigning and would leave once her replacement was found.

Bloomberg News reports that mines minister Susan Shabangu said in a statement that she hoped Carroll’s replacement would be “a local person that will continue to contribute to transformation of our industry and who will have our interests as a country at heart.”

The country’s Public Investment Corporation and the Government Employees Pension Fund “’ together the biggest Anglo shareholder “’ said the London-based company’s board needed to be more reflective of where its assets were. South Africa accounted for 49% of Anglo’s 2011 sales, according to its website.

“We are not going to dictate how companies choose their people,” Zuma told foreign journalists in Johannesburg.

Anglo controls Johannesburg-based Anglo American Platinum Limited , the world’s biggest producer of the metal, and Kumba Iron Ore Limited,  Africa’s largest iron ore producer. The company also owns coal and diamond mines in the country.

Source: Bloomberg News. For more information, click here.