Anglo American appoints Stephen Pearce as finance director

GLOBAL mining company Anglo American has appointed Stephen Pearce as finance director, following René Médori’s decision to retire.

Pearce will join Anglo American and its group management committee on 30 January 2017, prior to 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.

Pearce has been CFO of Fortescue Metals Group, 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, chief executive of Anglo American, said: “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 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.”

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.