Jim Jones

Jim Jones

In a public display of support for Cynthia Carroll, the embattled chief executive of Anglo American, chairman Mark Moody-Stuart, praised Carroll's performance at the group's annual general meeting in London yesterday.

In recent months, company infighting and jockeying for positions has accompanied internal and unofficial criticism of the different approaches that Carroll has introduced since her appointment as chief executive.

While mentioning acquisitions that have stressed the group's finances and that have contributed to a need to halt dividend payments and sell assets, Sir Moody-Stuart, commended Carroll and her executive team for some of the decisions and programmes that "have proven to be far-sighted".

He blamed the difficulties that have arisen in some part from the ambitious acquisitions strategy on the world recession.

He added that Carroll had "brought to the company a new determination to get Anglo working as a team".

Carroll expressed her own regret for the hardship that the dividend halt had brought to shareholders, but again stressed that the decision was in the best long-term interests of the company and had been felt necessary to preserve cash.