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Mark Cutifani

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Mark Cutifani
Born (1958-05-02) 2 May 1958 (age 66)
Wollongong, Australia
NationalityAustralia
Alma materUniversity of Wollongong
OccupationBusinessman
TitleChief executive of Anglo American
Term2013–present
PredecessorCynthia Carroll
SuccessorIncumbent

Mark Cutifani (born 2 May 1958)[1] is an Australian businessman and the current chief executive of diversified mining group, Anglo American plc.[2] He was formerly CEO of South African gold mining company AngloGold Ashanti, a position he held from October 2007 until March 2013.[3][4]

Early life and education

Cutifani was born and grew up in Wollongong, Australia.[5] After leaving high school in 1976, he joined Coal Cliff colliery and enrolled in the University of Wollongong to complete a degree in Mining Engineering. He graduated in 1982,[6] top of his class.[7]

Career

Early career

After working for Coal Cliff, he joined Kalgoorlie Gold Mines, the Western Mining Corporation, Normandy Mining and Sons of Gwalia.[1] He became the managing director of Sons of Gwalia in March 2000, but resigned from his position on 14 February 2003, in a surprise move, to join Inco Limited in Sudbury, Canada.[8] The Sons of Gwalia company entered administration 16 months later, in August 2004,[9] following a financial collapse,[10] with debts exceeding $800 million after suffering from falling gold reserves and hedging losses.[11]

AngloGold Ashanti

In 2007, Cutifani left Inco Limited, where he held the position of chief operating officer. On 17 September 2007, he joined AngloGold Ashanti, as a director of the company and was appointed CEO on 1 October that year.[4] Cutifani was credited with dismantling AngloGold Ashanti's significant and toxic hedge book, allowing the company to benefit fully from the much higher gold spot price.[12]

Shortly after joining AngloGold Ashanti, Cutifani introduced a campaign called "Safety is our first value". Research into the 2007 fatalities at the company had shown that 70% of the fatalities were caused by sub-standard operations or actions. Cutifani aimed to reduce the number of fatalities by changing the company's culture and improving communication, citing legacy issues from the past as a main cause for the fatalities.[13] During his tenure, the fatality rate was reduced by 50%.[14]

He was one of the critics of the new Australian Mining Super Tax, which was announced in 2010, stating that it could delay or endanger the company's Tropicana Gold Mine project.[15][16]

Anglo American

In January 2013 it was announced that Cutifani would become the new chief executive of Anglo American plc, starting his new role on 3 April 2013, replacing Cynthia Carroll.[17] In April 2016, Anglo American PLC's shareholders rejected the pay package for Cutifani, indicating disappointment over the organization's restructure plan.[18]

Appointments

Cutifani is currently the Chair of the International Council on Mining and Metals,[19][20] currently as a Director having been the Chairman of South Africa’s Chamber of Mines between 2012 and 2013[21] He is also a member of the International Advisory Committee for the Kellogg Innovation Network,[22] a member of the Mining & Metals Steering Board and Governor of the Mining and Metals Industry Programme for the World Economic Forum.[23] Cutifani is also a member of the Advisory Board for the Vale Columbia Centre on Sustainable International Investment[24] and on the Board of Advisors for the Graduate School of Business at the University of Cape Town.[25]

Recognition

In December 2013, Cutifani was awarded an honorary doctorate from the University of Wollongong.[26]

Private life

Cutifani has seven children from two marriages.

References

  1. ^ a b Mark Cutifani Archived 30 December 2013 at the Wayback Machine miningweekly.com, accessed: 9 July 2010
  2. ^ Anglo American's leadership, accessed: 14 April 2014 Archived 15 April 2014 at the Wayback Machine
  3. ^ Annual Report 2009 Archived 3 April 2010 at the Wayback Machine AngloGold Ashanti website, accessed: 9 July 2010
  4. ^ a b Our executive team Archived 29 August 2010 at the Wayback Machine AngloGold Ashanti website, accessed: 9 July 2010
  5. ^ Mark Cutifani, a veteran miner from the boots up The Financial Times website, published: 26 January 2014, accessed: 6 June 2014
  6. ^ Mark Cutifani Archived 7 June 2011 at the Wayback Machine University of Wollongong website, accessed: 9 July 2010
  7. ^ Anglo turns to an Aussie miner to dig it out of a $6bn hole The Sunday Times, published: 21 July 2013, website accessed: 6 May 2014
  8. ^ Geologist brings 'new eyes' to Sons of Gwalia The Sydney Morning Herald, published: 20 January 2004, accessed: 8 February 2010
  9. ^ SONS OF GWALIA LIMITED (SGW) delisted.com.au, accessed: 5 February 2010
  10. ^ Sons of Gwalia's gold hedging had big holes The Sydney Morning Herald, published: 4 September 2004, accessed: 4 September 2009
  11. ^ Ernst &Young agrees to $125m Sons of Gwalia settlement Archived 5 February 2011 at the Wayback Machine The West Australian, published: 4 September 2009, accessed: 4 September 2009
  12. ^ AngoGold cuts hedge book to narrow losses The Financial Times, published: 7 February 2010, accessed: 6 May 2014
  13. ^ Annual Report 2007 AngloGold Ashanti website, accessed: 13 July 2010
  14. ^ Annual Report 2012 AngloGold Ashanti website, accessed: 6 May 2014
  15. ^ AngloGold sides with Rio on sovereign risk issue The Age, published: 3 June 2010, accessed: 9 July 2010
  16. ^ Future projects in jeopardy, say analysts The Australian, published: 3 June 2010, accessed: 9 July 2010
  17. ^ Anglo names Cutifani as chief executive The Financial Times, published: 8 January 2013, accessed: 6 May 2014
  18. ^ Patterson, Scott (21 April 2016). "Anglo American Shareholders Reject Pay Package for CEO Mark Cutifani". Wall Street Journal. ISSN 0099-9660. Retrieved 30 July 2017.
  19. ^ Mining is critical for the planet – Cutifani Mineweb, published 10 October 2013; accessed: 6 May 2014
  20. ^ http://www.cbetta.com/director/mark-cutifani Mark Cutifani works at THE INTERNATIONAL COUNCIL ON MINING AND METALS LIMITED since 30 January 2013
  21. ^ Cutifani new Chamber of Mines president Mining Weekly, published 6 November 2012; accessed: 6 May 2014
  22. ^ KIN catalyst Brazil 2012 – The mining company of the future Archived 5 October 2014 at the Wayback Machine KIN Global, PDF accessed: 6 May 2014
  23. ^ Mark Cutifani biography Archived 6 May 2014 at the Wayback Machine World Mining Congress, PDF accessed: 6 May 2014
  24. ^ Mark Cutifani biography Vale Columbia Centre, accessed: 6 May 2014
  25. ^ GSB Board of Advisors Archived 6 October 2014 at the Wayback Machine University of Cape Town, accessed: 6 May 2014
  26. ^ UOW honors its 'magnificent seven' University of Wollongong, accessed: 6 May 2014
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