Anglo American plc (LON:AAL) has announced the appointment of John Heasley as Finance Director, following the May 2023 announcement of Stephen Pearce’s decision to retire. Mr Heasley is expected to join Anglo American and its Executive Leadership Team by no later than the end of 2023, prior to joining the Board as an executive director and taking over as Finance Director, thereby enabling a smooth transition through the year-end financial reporting process.
John Heasley has served as the CFO of The Weir Group PLC, the FTSE100 listed global engineering company, since 2016. As CFO, John has played a significant role in Weir’s transformation to focus on mining and the strategic delivery of technologies that improve productivity and sustainability in the mining industry, as well as driving performance improvement programmes.
Duncan Wanblad, Chief Executive of Anglo American, said: “I am delighted that we will be welcoming John Heasley to Anglo American as Finance Director. John brings proven financial, strategic and commercial expertise, coupled with hands-on operational experience of supporting sustainable mining through technology as a major supplier to the mining industry over the last 15 years. We are also very grateful indeed to Stephen Pearce for his continued commitment as Finance Director until he hands over to John, focusing on ensuring we deliver our cost discipline and capital expenditure commitments, while ensuring a smooth transition.”
John Heasley said of his appointment: “I’m proud and excited to be appointed Finance Director of Anglo American, one of the world’s stand-out mining companies. As CFO of a major supplier to the mining industry, I have for many years been passionate about the role of technology, innovation and operational excellence in helping to fundamentally change the future of mining. The metals and minerals from mining have never been more essential and our focus must continue to be on getting those products to market in the most cost-effective and responsible way.”
Stuart Chambers, Chairman of Anglo American, said: “John Heasley brings great breadth of experience to the role of Finance Director and we look forward to welcoming him onto our Board.
“I would also like to thank Stephen Pearce, on behalf of the Board, for his enduring contribution to Anglo American and his steady hand as Finance Director over seven years. We wish Stephen well in his retirement.”
Stephen Pearce commented: “It’s been a real privilege to have served as Finance Director as we transformed the quality, resilience and future prospects of Anglo American. I am really proud of what we have achieved and in particular the role the Finance team has played and the transformation of our Finance capabilities to support Anglo American as it moves into its next phase of value delivery.”
Notes:
John Heasley is the Chief Financial Officer and an executive director of The Weir Group PLC, the FTSE100 listed global engineering company providing engineering technologies to the global mining industry, a role he has held since 2016. John joined Weir in 2008 as Group Financial Controller and also served as Interim Group Finance Director in 2009-2010. He has held a number of senior operational and financial roles across Weir being a member of the Group Executive since 2014, firstly as Divisional President of the Weir Flow Control division before becoming Group CFO. Prior to joining Weir, John served as Group Financial Controller of ScottishPower plc, the former FTSE 30 Power Utility, following an early career with professional services firms PwC and Arthur Andersen in audit and mergers and acquisitions roles.
John holds a BA in Accounting and Economics from the University of Strathclyde, Glasgow, UK and is a member of the Institute of Chartered Accountants of Scotland. John is also a non-executive director and Honorary Treasurer of the Royal Scottish National Orchestra.
John Heasley will be subject to a standard Anglo American plc employment contract which includes a notice period of 12 months. John Heasley’s remuneration package will comprise a basic salary and variable incentive arrangements which are in line with Anglo American’s recently approved remuneration policy, including being weighted towards longer term performance.
The key elements of the remuneration package are as follows:
· Basic salary: £810,000 per annum.
· Pension: Anglo American will make an annual contribution of 15% of basic salary, in line with the typical contribution rate for the company’s UK workforce.
· Annual bonus: a maximum annual bonus of 210% of basic salary, pro-rated as appropriate. Half of any bonus earned will be deferred into shares, with one third vesting after two years and two thirds after three years.
· Long Term Incentive Plan (LTIP) – an annual award under the Long-Term Incentive Plan of 350% of basic salary vesting after three years, to the extent that stretching performance conditions have been satisfied, and released after a further two-year holding period, with the first award to be made in 2024.
· Malus and clawback provisions apply to the annual bonus and LTIP.
· Compensation for incentives forfeited from his previous employer – the value, vesting dates, performance requirements, holding periods and other applicable terms and conditions of these awards will reflect those of the original awards, as required by the remuneration policy. Full details of these awards will be disclosed at the appropriate time.
· Shareholding guidelines:
- to accumulate a shareholding in Anglo American to the value of three times basic salary within five years of appointment;
- to maintain a holding of Anglo American shares for a period of two years after his employment ceases. The number of shares will be the lower of the in-post requirement at the time of cessation or the actual shareholding at cessation.
The financial arrangements relating to Stephen Pearce’s retirement from Anglo American’s Board and from Anglo American will be finalised and disclosed in due course. Full details of these and John Heasley’s remuneration arrangements will be set out in the 2023 Directors’ Remuneration Report.
