Mark Cutifani becomes third big hitter from mining giant to take up key role at contractor
Another Anglo American executive is joining Laing O鈥橰ourke with former chief executive Mark Cutifani arriving as a senior independent director this autumn.
The 64-year-old Australian spent nine years as boss of the $41.5bn (拢34bn) turnover mining giant, having joined in 2013 from another mining company AngloGold Ashanti where he spent six years.
According to Anglo American鈥檚 latest annual report, Cutifani, who left last month, was paid 拢9.8m last year including a 拢2.2m bonus and 拢5.7m under a long term incentive shares plan. The firm made an operating profit of $17.6bn (拢14bn) in 2021.
Last November, O鈥橰ourke announced that Seamus French, then the chief executive of Anglo American鈥檚 bulk commodities and other materials division, was joining to replace Ray O鈥橰ourke as chief executive at the end of this summer.
French joined the country鈥檚 biggest private contractor at the start of the year and is currently in charge of its Europe hub.
His arrival came after O鈥橰ourke, who himself spent six years as a non-executive director at Anglo American, before stepping down in 2016, said last summer the firm was mulling a listing on the stock exchange by 2024.
Cutifani, who will start in September when French takes over the reins of the firm, will also chair the board鈥檚 sustainability committee.
Announcing his appointment, Laing O鈥橰ourke chairman Sir John Parker, who was Anglo American chairman for eight years until 2017, said: 鈥淲e are extremely fortunate to secure the expertise of Mark Cutifani to complete the refresh of the Laing O鈥橰ourke board, which I began in 2018.鈥�
Parker added: 鈥淢ark is a hugely principled person, a gifted 鈥榟uman鈥� leader and will be a valuable addition to our dynamic Group.鈥�
The move is yet more evidence that after years of rumours about a succession plan at the firm, the contractor has definitively settled on one. One senior source at a rival firm said: 鈥淚f they鈥檙e preparing it for a sale or a float it needs to be a properly run business. They鈥檙e putting a decent corporate structure in place.鈥�
French, who turns 60 this month and was a non-executive at Laing O鈥橰ourke for 18 months prior to his arrival, signed a three-year contract when he joined.
When he steps down later this year, Ray O鈥橰ourke, who turned 75 in January, will join younger brother Des as a deputy chairman of the group with the firm saying he will 鈥渇ocus on innovation, people development and major clients鈥�.
In its last set of accounts, revenue at Laing O鈥橰ourke edged up 2% to 拢2.5bn in the year to March 2021 although pre-tax profit slipped 9% to 拢41.4m.
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