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Leading global mining group Anglo American has confirmed the appointment of South African businessman Duncan Wanblad as the new CEO and executive director of the diversified mining group.
The appointment comes into full effect next year on April 19 and will see him replace Australian businessman Mark Cutifani, who will retire as CEO and step down from the board at the annual general meeting after nine years in the role.
His coming on board will set him on path to pocket at least £1.25 million ($1.71 million) annually in salary from Anglo American.
His total salary package as the new CEO is expected to be significantly higher than £1.25 million ($1.71 million). Wanblad will be paid in line with the group’s current remuneration policy and is expected to receive other variable incentive arrangements on a yearly basis.
These incentives will include an annual pension contribution amounting to 15 percent of his basic salary, a maximum annual bonus amounting to 210 percent of his basic salary for 2022, and an annual award under the company’s long-term incentive plan.
Half of any award will be deferred into shares.
In addition, Wanblad will be eligible for shares worth up to 300 percent of his basic salary, vesting after three years to the extent that performance conditions have been satisfied.
His pay as CEO is based on the quality of the services that he is expected to deliver and the value that he is expected to add to the group after his integration into the leadership role in April 2022.
Prior to this most recent appointment, Wanblad, who joined the company in 1990, served as its director of strategy and business development. He took on that role in 2016 after successfully leading Anglo American’s base metals business for three years.
Wanblad is also a non-executive director at De Beers and Kumba Iron Ore and chairs the Anglo American Foundation.
In 2020, Anglo American’s median CEO pay ratio was 105:1, down from 133:1 as reported in 2020.
On a like-for-like basis, excluding employees within the group’s crop nutrients business, the ratio has fallen to 95:1.
The decline in the like-for-like comparison was due to a lower share vesting value, which had a greater impact on CEO remuneration than on the wider workforce, and the reduction in the CEO’s pension.
