Anglo American appoints Stuart Chambers as Chairman

Anglo American has appointed Stuart Chambers as its new chairman, the FTSE 100 company announced on Wednesday.

Mr Chambers, a former chairman of British smartphone chip designer ARM Holdings, will take up his position in September.

The new chairman, who steered ARM through an historic $32 billion takeover by Japan’s SoftBank last year, will join Anglo as it seeks to share in the raw materials recovery, following the 2016 downturn.

The company’s shares fell to a record low in early 2016 and CEO Mark Cutifani announced a plan to dramatically downsize the company through asset sales. This plan was put into reverse gear when commodity prices revived.

Mr Chambers is a former CEO of Nippon Sheet Glass and Pilkington Plc. He has also served as a non-executive officer on the boards of Tesco Plc and Smiths Group Plc. “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,” he said in a statement.