* Current chair to step down on Oct. 31
* Anglo stalling after recovery in 2016
(Adds quotes, background)
June 7 Anglo American said on Wednesday
Stuart Chambers, former chairman of technology firm ARM Holdings
and beverage can maker Rexam, would become the
miner's next chairman to carry on rebuilding the company.
Chambers will join as non-executive director and chairman
designate on Sept. 1 and will become chairman on Nov. 1, Anglo
said in a statement.
Current chair John Parker, who will step down on Oct. 31,
has presided over the company for eight years, including seeing
it through a deep commodity price crash in 2015-16.
Last year Anglo recovered strongly, leading gains on the
FTSE with a 300 percent rally after a 75 percent fall in
This year, the recovery has stalled as the commodity rally
has faltered and challenges for the new chairman will include
dealing with Indian billionaire Anil Agarwal, who bought a 2
billion pound ($2.58 billion) stake in the company.
CEO Mark Cutifani said Chambers was bringing relevant skills
in "technology-led innovation" and would help to continue to
"We have materially restored Anglo American's balance sheet
and transformed the business performance over the last three
years, and our task now is to unlock the very considerable value
that we can see from our world-class asset base," Cutifani said.
Chambers, aged 61, served as chairman of ARM Holdings,
regarded as Britain's most successful technology firm, and Rexam
until 2016 when both companies were taken over.
Before that he was non-executive director at Tesco until
2015 and he began his career at oil major Shell as a
"Anglo American has emerged from the commodity price
downturn more resilient and with a renewed sense of purpose,
both strategically and in terms of the role it plays in
society," Chambers said.
Shares in Anglo were up 0.14 percent at 1,047p at 0730 GMT.
($1 = 0.7748 pounds)
(Reporting by Rahul B in Bengaluru and Barbara Lewis in London;
editing by Jason Neely)