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


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.

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