Anglo American’s (LON:AAL) chairman will step down this year, the blue-chip miner has said. The news comes ahead of the FTSE 100 group’s results next week.
Anglo American’s share price has fallen deep into the red in London in today’s session, having lost 1.81 percent to 1,384.00p as of 14:04 GMT. The stock is underperforming the broader market, with the benchmark FTSE 100 index currently standing at 7,279.74 points, or 0.01 percent higher intraday. The group’s shares have soared by nearly 270 percent over the past year, and are up by almost a fifth in the year-to-date.
Anglo American announced in a statement today that Sir John Parker had informed the group of his intention to step down later this year, having served as chairman of the group for eight years. The blue-chip miner noted that Sir Philip Hampton, a senior independent director at the company, would “now lead a process to identify candidates with appropriate global listed company boardroom experience”.
“Having seen Anglo American emerge in a strong position from the mining industry downturn, with its sharp falls in commodity prices between 2014 and 2016, I believe that the time is now right for the Board to seek my successor during the course of 2017,” Parker pointed out in the statement.
In analyst ratings, Cannaccord Genuity reiterated its ‘buy’ stance on Anglo American today, valuing the shares at 1,650p. Haitong Bank, which sees the blue-chip miner as a ‘neutral,’ boosted its price target on the stock from 1,240p to 1,400p last week. According to MarketBeat, the group currently has a consensus ‘hold’ rating and an average price target of 1,067.50p. Anglo American is scheduled to update investors on its full-year performance on February 21.