By Clara Denina and Yadarisa Shabong

LONDON (Reuters). Anglo American (LON 🙂 Plc has named Duncan Wanblad its new chief executive officers on Wednesday. It is widely believed that this will replace Mark Cutifani who had been the head of the miner for almost a decade.

Wanblad is a South African at 54 years old who was chosen as one of the top internal candidates to succeed Cutifani. In 2019, he was selected as group director of business strategy and development. After having served the dual roles of business development director and base metals business manager since 2013, Wanblad emerged as one the best choices.

J.P. Morgan analysts said that they don’t expect significant strategic changes under Wanblad. Cutifani will most likely continue to evolve Cutifani’s roadmap.

Wanblad has to fulfill the promise of his predecessor to make Anglo American carbon-neutral by 2040.

Shareholders and environmental activists have put pressure on the mining sector, requesting that they reduce emissions and produce metals essential to a more carbon-neutral economy.

Rio Tinto (NYSE) and Glencore, both London-listed miner companies, have undergone recent leadership changes that will result in new leaders and a tightening of governance and environmental standards.

Anglo American announced that Cutifani will be retiring at the company’s annual general meeting on April 19, 2022. Wanblad, the 63 year old, will then take the reins of the business.

Since 2013, Cutifani won praises for his management skills. To reduce the heavy amount of debt accumulated after the 2015-16 commodity slump, Cutifani refused to sell half its assets. However, this decision paid dividends when the metal prices rose again.

The 100-listed miner has seen a 66% increase in its shares since Cutifani assumed control in April 2013. The shares were nearly 3% higher on Wednesday than they were the previous day, which is in line with the larger mining index.

More than two years have passed since Cutifani was last seen.

Wanblad released a statement, “Having begun my underground career as an engineer junior, I have never lost track of what it takes for the metals & minerals that are more essential to sustain our lives on this planet.”

Anglo, the owner of De Beers diamond producer, extracts millions of tonnes each year of platinum, nickel, and iron ore from its mines.

Analysts expect to learn more about strategy during an investor day this December.

Anglo stated that Wanblad will earn a basic salary of 1.3 million pounds per year ($1.77million). Variable incentives, including bonuses up to 210% are also available.

($1 = 0.7344 pounds)

(GRAPHIC: Anglo’s share performance under Mark Cutifani – https://fingfx.thomsonreuters.com/gfx/buzz/lgpdwnmnlvo/Pasted%20image%201635927448659.png)