Lonmin CFO not interested in CEO position
Mining firm may look externally for Ian Farmer’s successor
By Gaurav Sharma | CFO UK | Published 17:13, 02 January 13
Mining company Lonmin's CFO and current interim CEO Simon Scott has said that he is not interested in the company's top job on a permanent basis.
The world's third largest Platinum producer appointed Scott as interim CEO in August as the serving CEO at the time – Ian Farmer – stepped aside to undergo treatment for an undisclosed illness. That same month police killed 34 striking miners at a protest in Marikana, South Africa.
Farmer tendered his resignation last week, which was accepted with immediate effect. Roger Phillimore, chairman of Lonmin, said, the company would "greatly miss" Farmer's ability following a 26-year career at the company.
"We wish him well with his on-going treatment and will stay in close touch with him as a valued colleague and friend," he added.
Following Farmer's departure, Scott has requested that he should not be considered among the candidates for the post. Market speculation suggests that the company's board and Phillimore may now seek an external hire for the top job.
Overseen by interim CEO Scott, Lonmin shareholders recently backed a £510 million rights issue aimed at stabilising the company's balance sheet in wake of production losses stemming from the South African strike.
A Lonmin spokesperson said that following the appointment of a new CEO, Scott will revert back to the CFO role.
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