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Bloomberg
The century-old mining giant Anglo American Plc named Stuart Chambers as its new chairman less than a year after he steered UK chipmaker ARM Holdings Plc through a $32 billion takeover. Chambers, a former chairman at ARM and Rexam Plc, will join Anglo’s board in September and take over the post in November, the company said in a statement on Wednesday. The 61-year-old is replacing John Parker, who said he was standing down earlier this year.
The new chairman will join as Anglo seeks to build on a recovery following a raw-materials downturn that hurt most of the mining industry. The company’s shares slumped to a record low in London in early 2016 on concerns about its debt position.
Chief Executive Officer Mark Cutifani announced a plan to radically shrink the company through asset sales, but reversed the strategy this year after recovering commodity prices revived profits. Anglo rose 1.4 percent to 1,059.50 pence by 9:20 a.m. in London. SoftBank Group Corp. bought Cambridge, England-based chip designer ARM last year in its biggest ever deal. Rexam, a packaging and tincan maker, was bought by US company Ball Corp. for 4.4 billion pounds in 2016.