Ex-Shell boss in Anglo hot seat

ANGLO American has appointed former Shell chief Sir Mark Moody-Stuart as chairman. He will replace Julian Ogilvie Thompson, who led the South African mining company's switch to the London Stock Exchange in 1999.

Anglo had to abort the appointment of former ABB boss Goran Lindahl to the chairman's post in March. He was forced to stand down without chairing a single meeting amid allegations that he and former ABB chairman Percy Barnevik received more than £100m in pension and other payments that were not approved by the board.

Ogilvie Thompson is widely viewed as a member of the South African 'old guard' and his replacement has been eagerly awaited by the City, which believes the company is lagging peers Rio Tinto and BHP Billiton.

Moody-Stuart was chairman of Shell between 1998 and 2001, during which time he became well known for his cost-cutting drive.

Anglo will be hoping his ties with the environmental lobby will help in its efforts to mine in sensitive areas, particularly in developing countries.

Moody-Stuart's supporters say his record on cost-cutting and rapport with institutional shareholders will serve Anglo well.

He is also chairman of Business Action for Sustainable Development, which is due to make a contribution to the forthcoming World Summit in Johannesburg and is a member of the UN Secretary General's Advisory Council for Global Impact.