Finweek English Edition - - COMPANIES & INVESTMENTS - David McKay davidm@fin­

1-year re­turn: –15.03%

The money quote: “Min­ing is in my blood. And SA is in my soul.” Grade: C

AS CEO of one of SA’s best known cor­po­rate brands, Car­roll may find her last few months as An­glo’s head will re­quire her most por­ten­tous de­ci­sion-mak­ing to date: how to re­struc­ture the strug­gling as­sets of its listed sub­sidiary, Am­plats. It was as dis­gruntle­ment mor­phed into vi­o­lent protest at Am­plats’s mines this year that An­glo’s share­hold­ers called time on Car­roll. Re­luc­tantly, one sus­pects, An­glo’s board ac­cepted her res­ig­na­tion; af­ter all, Car­roll did much to al­ter the DNA of An­glo’s cul­ture.

A bossy Amer­i­can; and a woman to boot, Car­roll vig­or­ously ap­plied the hook to any­one who chal­lenged her, most fa­mously the two Am­plats CEOs who failed to de­liver safety and cost per­for­mances. Safety was Car­roll’s clar­ion call and her bug­bear. It may also prove her legacy in­so­far as she helped im­prove stan­dards. In the end, how­ever, pres­sures else­where in the busi­ness mounted.

No more so than at Mi­nas Rio, the iron-ore project in Brazil where costs bal­looned tak­ing to­tal in­vest­ment in the mine to an un­for­giv­ably high $14bn. Car­roll gave An­glo a hu­man vis­age, es­pe­cially to SA’s Government, which re­mem­bers how it pros­pered dur­ing apartheid. But in­ter­na­tional share­hold­ers wanted more. An­glo wasn’t alone in fail­ing to pro­duce mines on time, on bud­get, or in even buy­ing badly, but when the sword of share­holder judg­ment fell, it was swift and fi­nal.

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