Having led De Beers for the past five years, and after overseeing the response to the global financial crisis and the company’s subsequent recovery, the CEO of De Beers, Gareth Penny, has advised the Board that he believes it is an appropriate time for him to step down. The Board would like to thank Gareth for his substantial contribution to De Beers during his 22 years with the company, and wishes him every success as he pursues new opportunities. Gareth will step down in the coming months. A process is underway to identify a successor, during which time Stuart Brown (Chief Financial Officer) and Bruce Cleaver (Chief Commercial Officer) will serve as acting joint-CEOs.
Directorate Changes
At the De Beers Board meeting held on 22 July 2010 both Anthony Oppenheimer and Sir Chips Keswick retired as directors of the company after nearly 30 years and 17 years of service with the Group respectively, initially both as directors of De Beers Consolidated Mines Limited. James Teeger will assume the Chairmanship of the Board Audit and Remuneration Committees.
Nicky Oppenheimer, Chairman of De Beers Group, commented, “These results are a testament to Gareth Penny’s leadership, which saw the company through the recession, and positioned it for strong revenue growth as we emerged into recovery. Gareth has made an enormous contribution to De Beers throughout his 22 years with the company and, most recently, five years as CEO. He has been a passionate and effective leader during some of the most difficult challenges De Beers has faced in its long history. I have full confidence in the experienced management team that Gareth has assembled, who will carry on our current course to deliver shareholder value.”
