De Beers CEO steps down

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Gareth Penny leaves the company after 22 years.

De Beers chief executive Gareth Penny has stepped down after 22 years of working for the company.

Penny spent five years as chief executive of De Beers, during which he saw the Group through the global financial crisis and subsequent recovery.

The Board thanked Penny for what it termed ‘his substantial contribution and wished him every luck for the future.

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De Beers chairman Nicky Oppenheimer said: “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.”

A process is already underway to choose Penny’s successor and, until the decision has been made, chief financial officer Stuart Brown and chief commercial office Bruce Cleaver will jointly serve as chief executives for the company.
 

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