Mark Cutifani and Carlos Tavares to join Total board
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Anglo American chief executive Mark Cutifani and Peugeot SA chairman Carlos Tavares will both join the board of French energy group Total, the company announced on Thursday.
Mr Cutifani and Mr Tavares will join the company as independent directors at the company’s annual shareholder meeting in May, after two of its existing board members decided against renewing their terms.
Total said Mr Cutifani, who has led the London-listed miner since 2013, “will in particular bring to the board his knowledge of industry and raw-material cyclical economy”, as well as experience in “several countries where the group is developing”, including Australia, South Africa and the UK.
It said it also expects to benefit from Mr Tavares’ “knowledge of the industrial world and the inland transport sector, downstream from the oil and gas sector”.
The company may also appreciate Mr Tavares’ reputation as a master cost-cutter, as it attempts to slash its costs in anticipation of further volatility in global oil prices.
Total has shown itself to be one of the most resilient operators in the oil and gas industry during the downturn of the past two years, but said at its annual results last month that it still plans to further improve its efficiency.
Photo: Bloomberg
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