De Beers head resigns

2010-07-23 09:56

De Beers chief executive officer Gareth Penny has resigned, the

diamond miner said in a statement today.

“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, Gareth Penny has advised the board that he believes it is an

appropriate time for him to step down.”

The board thanked Penny for his “substantial contribution” to the

company during the past 22 years.

Penny would step down in the coming months and a process was

underway to identify a successor.

In the meantime, chief financial officer Stuart Brown and chief

commercial officer Bruce Cleaver would serve as acting joint chief

executives.

Today De Beers reported net earnings of $301 million (about R2.2 billion) from $3 million a year earlier.

“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,” company chairperson Nicky Oppenheimer said.


Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.