Parker to be Anglo chairman

MINER Anglo American will name City heavyweight Sir John Parker as its new chairman today, as the group attempts to calm investors after it rejected a bid from rival Xstrata.

Parker, the 67-year old chairman of utilities giant National Grid, is one of the most respected boardroom figures in the UK . He served on the Court of the Bank of England until a recent shake-up at the central bank.

The appointment is likely to anger some members of the South African government, which has been pushing for a black chairman for the firm – which is 35 per cent owned by South African shareholders – as proof of its commitment to helping the country develop and tranform its economy.

Anglo’s decision to opt for an established UK industrialist for the top role comes at a time of weakness – it has underperformed rivals during the recent commodities boom.

The group, which was founded in South Africa, rejected a proposal for a “merger of equals” from Xstrata last month, but the Swiss group continues to push for the deal to go ahead.

Sir John will replace Sir Mark Moody Stuart, who is retiring.