Lonmin's Chief Executive Officer retires with serious illness

Ian Farmer has stepped down as Chief Executive Officer (CEO) and Director of Lonmin as he is being treated for a serious illness, the company announced Friday.

The producer of platinum metals has appointed a executive search agent to find someone to replace Farmer.

Simon Scott will fill his shoes in the meantime until a new CEO is selected. He does not want to be considered for the role and will be Chief Financial Officer once the job is filled.

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Roger Phillimore, Chairman of Lonmin, said "We will greatly miss Ian's ability, commitment and drive which he has devoted to the Company over a career spanning more than 26 years. He has been CEO for the last four years and the consistent improvement in Lonmin's operating performance over that period owes much to his leadership.

"We wish him well with his ongoing treatment and will stay in close touch with him as a valued colleague and friend."

The FTSE 250 company's operations are situated in the Bushveld Complex in South Africa and it has a market capitalisation of £1,623.22m.

RD