Anglo American names Stephen Pearce as its new finance director

ANGLO American has appointed Fortescue Metals’ chief financial officer, Stephen Pearce, as its new finance director to replace Rene Medori.

Anglo will bring Pearce into the company at the end of January and he will take over as finance director on April 24. Medori said in April this year that he was retiring.

Pearce has been with Australian iron ore miner Fortescue since 2010.

“Stephen brings proven financial and commercial experience gained across the extractive and related industries. His strong relationships with the debt and equity capital markets have proven immensely valuable in his role at Fortescue, as has his work across complex cost and other efficiency performance programmes,” Anglo CEO Mark Cutifani said.

Pearce, 52, has worked in the mining, oil and gas industries for the past 30 years.

Medori will continue to oversee Anglo’s divestment programme to cut $13bn of debt by selling a range of bulk commodity assets as the company switches its focus to just diamonds, platinum and copper.

Medori leaves Anglo at the end of next year, but will leave the board at the company’s annual general meeting on April 24 next year.

“Through the portfolio restructuring and business improvement and efficiency programmes, we will create a very different investment proposition for Anglo American’s shareholders,” Pearce said in a statement.