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Gold miners seek new CEOs as another plans to exit - Moneyweb

Thursday, 20 August 2020

‘A global search for a suitable replacement will commence soon,’ Chairwoman Cheryl Carolus said

Gold Fields Chief Executive Officer Nick Holland will step down in September next year, as South Africa lost a second gold-mining boss in less than a month.

Holland will depart the Johannesburg-based producer after reaching the company’s official retirement age of 63. The news comes after the abrupt departure of Kelvin Dushnisky, his counterpart at AngloGold Ashanti, was announced at the end of July. Gold Fields will soon join AngloGold in looking for a successor.

“A global search for a suitable replacement will commence soon,” Chairwoman Cheryl Carolus said in a speech at the company’s annual general meeting on Thursday.

Holland is leaving after announcing plans to build an $860 million mine in Chile as part of Gold Fields’s strategy to expand outside its home country. The CEO of 13 years was also instrumental in efforts to turn around South Deep, the producer’s only remaining mine in South Africa.

Gold Fields shares fell 2.1% in Johannesburg trading.

Both Gold Fields and AngloGold have shifted focus to more profitable operations in Africa, Australia and the Americas as the gold industry in South Africa dwindles amid the geological challenges and soaring costs of the world’s deepest mines.

Holland’s retirement was earlier reported by Business Day.

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