We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedPeople Management

Lonmin appoints CFO as interim CEO


CEO Ian Farmer is undergoing treatment for an undisclosed illness and won't return to work for several months

Article comments

Lonmin appointed its chief financial officer as interim chief executive on Friday as CEO Ian Farmer undergoes treatment for an undisclosed illness and a week after police killed striking miners at its South African site.

CFO Scott will take over as CEO immediately and will stay in post “for the time being” the company said in a statement on Friday.

The mining company said CEO Farmer “has commenced a course of treatment and it will be some months before he is able to return to work full-time”.

Scott will be supported by the existing team at Lonmin and the executive Committee, which will include chairman Roger Phillimore.

Phillimore said he had “every confidence in [Scott’s] leadership especially at this challenging time”.

Scott’s appointment follows the news that the mining company may have to seek a new injection of capital because the shutdown of the Marikana mine may cause it to breach its debt covenants.

Thirty-four miners were shot dead by police during a strike over pay last week. South African president Jacob Zuma has set up a commission to investigate the role of Lonmin, the government, police, unions, and individuals in the miners’ deaths.

Strike action at two other platinum mines have increased industry fears that the unrest is spreading, leading to a jump in the price of platinum amid concerns about disruptions to supply.

Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world’s largest primary producers of Platinum Group Metals.

Share:

Recommended Articles

Comments

Lonmin appoints CFO as interim CEO
People Management

Personal branding - A headhunter's perspective

Personal branding - A headhunter's perspective

'If you don't have honesty and integrity you will get found out'more ..


Aviva goes 'digital first' with new CDO appointment

Andrew Brem's chief digital officer appointment comes two months after Phil Pavitt left insurer to take up Global CIO role at Specsaversmore ..

Microsoft's former boss Steve Ballmer steps down

The former CEO cited a busy schedule, particularly involving his LA Clippers basketball team, for his resignationmore ..

Unemployment rate hits 6-year low

But wage growth plunges to 0.2% on a year agomore ..

The benefits of being a non-executive

Look for a non-executive when appointing peersmore ..

If you are still thinking about flexible working, it's too late

OPINION: Tips from an experienced chief security officer on how best to enable flexible workingmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *