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Byron Grote to join Anglo American board

Former BP chief financial officer lined up for Anglo American audit chair

13 Feb 2013 Accountancy Age

By Richard Crump

Byron Grote

MINING GIANT Anglo American intends to appoint the former chief financial officer of BP to its board as non-executive director.

Byron Grote, who retired as CFO at the end of 2011 and will resign from BP's board in April after 33 years at the company, will be proposed to shareholders at Anglo American's AGM on 19 April.

He will join the Anglo's audit committee on appointment and will, after a period of induction, assume the role of audit committee chairman from David Challen.

Grote, who is retiring as executive vice president, corporate business activities at BP, joined the company in 1986 following its acquisition of the Standard Oil Company of Ohio, where he had worked since 1979.

He has been a member of the BP board since 2000; was CFO from 2002 to 2011 and is also a non-executive at Unilever.

According to the 2013 Financial Director Salary Survey, Grote picked up £2.3m in salary and bonuses in his last year at the company.

The salary survey includes the 2011/2012 remuneration details of finance directors working in the FTSE 350.

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