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.

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.

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

Recommended

A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.3%, but can you trust it to deliver?
Share tips

Persimmon yields 12.3%, but can you trust it to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022
Britain’s ten most-hated shares – w/e 12 August
Stocks and shares

Britain’s ten most-hated shares – w/e 12 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
16 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022