Former Anglo CEO Cynthia Carroll joins VedantaPublished by MAC on 2015-09-18
So, Vedanta has managed to tempt yet another former CEO of a British mining company to join Tom Albanese in his house of cards. Is Vedanta trying to collect a full-house of 'failed CEOs'?
Perhaps of more importance is the question as to whether this is primarily improving Vedanta's extremely tarnished reputation, or simply blackening the name of those willing to take the Agarwal dollar (or rather sterling).
Maybe part of the answer is the fact that Cynthia Carroll has now become the chair of the London-based Vedanta Resources Holding Ltd, with just two board members - brothers Anil and Navin Agarwal. Its exact function seems opaque.
But what does that matter? At last Vedanta has a prominent female in a theoretical position of some power - after years of being criticised for failing to recruit one.
Former Anglo CEO Cynthia Carroll is back, joins Vedanta's unit board
16 September 2015
Cynthia Carroll was chief executive of Anglo American from March 2007 but announced in October 2012 that she would step down, under pressure from frustrated investors.
After almost three years since leaving Anglo American due to investors dissatisfaction with her leadership, Cynthia Carroll is back on the mining scene.
The American geologist has joined the board of a subsidiary of London-listed Vedanta Resources, an India-based mining and oil group.
Carroll, who already sits on the board of oil major BP and Hitachi, will have an advisory role, Vedanta said in a statement. She will work closely with another of several mining chief executives who exited the industry between 2012 and 2013, former Rio Tinto boss Tom Albanese.
Analysts believe the appointment underlines Vedanta’s drive to improve the group's governance and investor friendliness.
The firm clarified that Carroll, who run Anglo American from March 2007 to April 2013, will chair Vedanta Resources Holdings Ltd, not the whole group, as that role is firmly held by chairman Anil Agarwal, who owns almost 80% of Vedanta Resources.
The 58-year-old became the first woman to ever lead Anglo. Not other female has held that position at the company ever since.
She comes back to the mining industry at one of the worst times imaginable, with companies across the globe feeling the pinch of an ongoing rout in commodity prices.