Cynthia Carroll changed Anglo American but it didn't prove enough But then when she arrived in 2007, Anglo was the epitome of a chauvinistic, post-colonial mining company run as separate fiefdoms with numerous internal boards, chairmen and management structures that paid only limited heed to head office. Its safety record was also in need of significant improvement. All that Carroll has addressed, no doubt making herself unpopular at the same time. The opportunity to maximise value was probably back in 2009. Anglo had seen off a putative merger of equals with Xstrata (although more like a takeover by the unwanted suitor) which had driven the price towards £30 a share and beyond. A subsequent break-up during 2010-11 would have probably seen shareholders exit around its all time peak of £35.26 seen in June 2008. It's currently hovering around £19 a share. That scenario is now being talked up again after Carroll's announcement. Bank of America Merrill Lynch, for instance, is saying the company could spin off platinum, separating its South Africa business from its international operations and sell down its stake in the Brazilian Minas Rio iron ore project. But the fact that no successor to Carroll has been lined up is awkward and leaves the perception of a vacuum, contributing to the sense of drift which is unhelpful. The company obviously faces strategic issues but who's going to address them? Presumably a new chief executive (Xstrata's outgoing boss Mick Davis and BHP Billiton finance director Alex Vanselow are talked about) but when will that person start and how long will they need for the required strategic review? All this leaves chairman Sir John Parker very much in the spotlight. We have seen FTSE 100 companies turn to their chairman to step up and take the helm recently - insurer Aviva springs to mind most readily - so shareholders may expect Sir John to conduct a review, listen to their concerns and act accordingly. Sir John's reputation is for decisive action focused purely on maximising shareholder value and Carroll's exit was probably a necessary precursor to that. His investors, however, are still waiting and waiting...