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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Review: The Grill at the DorchesterThe Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feelTravel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there
