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New Finance Director for Anglo American

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World Coal,

Anglo American has appointed Stephen Pearce as Finance Director, following René Médori's decision to retire, as announced in April 2016.

Pearce will join Anglo American and its Group Management Committee on 30 January 2017, before joining the board as an Executive Director and taking over as Finance Director with effect from 24 April 2017, thereby enabling a smooth transition and the completion of the 2016 financial reporting process.

Stephen Pearce has been CFO of Fortescue Metals Group Ltd, the Australia-based and listed iron ore producer, since 2010, playing a major role in steering the company through a period of major investment and strong growth. In more recent times, he has worked through the challenges of the sharp decrease in iron ore prices via rapid cost improvement and significant debt reduction.

Mark Cutifani, CEO of Anglo American, said: "We are very pleased that Stephen Pearce will be joining Anglo American as Finance Director. Stephen brings proven financial and commercial experience gained across the extractive and related industries. His strong relationships with the debt and equity capital markets have proven immensely valuable in his role at Fortescue, as has his work across complex cost and other efficiency performance programmes. We look forward to welcoming him to Anglo American in January 2017. We are also very grateful to René Médori for his ongoing commitment to the asset divestment and restructuring processes that he will continue to lead until his retirement at the end of 2017."

Pearce commented: "I am delighted to be joining Anglo American at what is undoubtedly a pivotal time for our industry. I look forward to working with Mark Cutifani and the senior team to create the new Anglo American. Through the portfolio restructuring and business improvement and efficiency programmes, we will create a very different investment proposition for Anglo American's shareholders."

Sir John Parker, Chairman of Anglo American, added: "We look forward to welcoming Stephen Pearce onto our board, together with the wealth of mining industry and wider experience that he brings with him."

René Médori will remain on the board until the conclusion of Anglo American's AGM on 24 April 2017, when he will step down. Until his retirement from Anglo American at the end of 2017, Médori will provide continuity of leadership of the asset divestment and other portfolio restructuring processes, thereby enabling his successor to have a full induction and familiarisation with the business and its key assets.

Edited from press release by Harleigh Hobbs

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