In 2012 we reported that during Cynthia Carroll’s disastrous five-year tenure as the CEO of FTSE100 company Anglo-American, around £5 BILLION was wiped off the value of the company. The blog piece is here. The company’s share price rose by 76p on announcement of the news of her departure.
Rival FTSE100 mining company Glencore has decided it needs more women on its board, and has appointed Carroll as a non-executive director (at least they weren’t so stupid as to appoint her as an executive director). A piece in today’s Times, emphases ours:
A former boss of Anglo American has joined the board of the rival FTSE 100 miner Glencore.
Cynthia Carroll, 64, a veteran of the industry who began as an exploration geologist, led Anglo for six years from 2007 and was the first non-South African to lead the mining group. She left amid investor disgruntlement and cost overruns at the Minas-Rio iron ore mine in Brazil.
Her appointment as a non-executive director comes as Ivan Glasenberg, Glencore’s billionaire chief executive, prepares to retire this year from the commodities group after almost two decades in charge. He is being succeeded by Gary Nagle, head of Glencore’s coal mining business.
Carroll’s appointment, which has been made with immediate effect, means that three of Glencore’s nine-member board are now women. She has previously called for greater diversity in the industry. [J4MB: We can safely assume she’s not calling for greater diversity down the mines.]
She joins Glencore with a change of chairman also expected. Tony Hayward, the former boss of BP, has been in the role since May 2013 and the corporate governance code advises against serving for more than nine years.
Hayward said that Carroll had “extensive knowledge of the resources industry as well as strong non-executive director experience. We look forward to benefiting from her insights and contribution to our board.”
Her other non-executive directorships include Hitachi, the Japanese conglomerate, and Baker Hughes, the US oil company. [J4MB: Non-executive directorships are the ultimate corporate gravy trains.] She has also previously held the roles at BP and Sara Lee, the US consumer goods group.
Shares in Glencore were down 3¼p, or 1.2 per cent, at 246¾p.
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