The century-old mining giant Anglo American Plc named Stuart Chambers as its new chairman less than a year after he steered U.K. 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 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. Continue Reading →