Anglo appoints RBS chairman to board

Mon 09 Nov, 2009 07:46

By Eric Onstad

LONDON (Reuters) - Miner Anglo American PLC (AAL.L) -- under pressure by shareholders to perform following an abortive merger approach by Xstrata (XTA.L) -- made the first of three new appointments to revamp its board on Monday.

Anglo appointed Sir Philip Hampton, the chairman of the Royal Bank of Scotland (RBS.L), as a non-executive director, effectively immediately, a statement said.

"I am delighted to welcome Sir Philip Hampton to Anglo American, the first in a series of appointments as we refresh the board," Anglo Chairman John Parker said.

"Sir Philip brings a wealth of financial, strategic and boardroom experience across a number of industries and I look forward to working with him as we continue to deliver value at Anglo American."

Anglo, the world's fourth biggest diversified mining group by market value, had previously said that there would be two other vacancies since board members Sir Rob Margetts and Dr Chris Fay will retire from the board next April. Hampton was appointed chairman of RBS in February 2009 and on October 31 stepped down as chairman of J Sainsbury PLC (SBRY.L), a position he had held since 2004.

Previously, Hampton was group finance director of Lloyds TSB Group PLC (LLOY.L) from 2002 to 2004 and held the same role at BT Group PLC from 2000 to 2002.

On October 15, Xstrata gave up its pursuit of Anglo, dropping its merger of equals plan that would have created a group with a market value of $96 billion (57 billion pounds) after refusing demands from Anglo shareholders that it pay a premium.

Parker, who took office in August, convinced several major Anglo shareholders who had been wavering on Xstrata's proposal to give Anglo more time to deliver its promised $2 billion in cost cuts by 2011, a source close to the situation had said.

(Reporting by Eric Onstad; Editing by Hans Peters)