New World Resources (NWR), the hard coal and coke producer, has appointed a new Executive Chairman to succeed Mike Salamon as of October 1st.
New Chairman Gareth Penny, who has been a Non-Executive Director of Julius Baer Group since 2009, will initially join the board as Chairman-Elect in early September, before taking on his official role.
Penny, 50, was educated at Oxford and has held a variety of roles which include the Chief Executive of De Beers and the Managing Director of the Diamond Trading Company.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Mike Salamon, who is set to retire as CEO after five years in the role, said: "I am very pleased to welcome Gareth to New World Resources. During a career that spans over 25 years, Gareth has developed deep experience of many aspects of mining at Anglo American, De Beers, and AMG through his involvement at operational level in the exploration, development and expansion of resources. As Chief Executive of De Beers between 2006 and 2010 Gareth developed a strong track record for shareholder value creation as a result of both a clear strategic insight and the ability to manage change."
In his new role Penny will provide leadership at group level within NWR's holding structure, taking responsibility for the company's overall growth, development and performance, directing and leading the execution of the company's strategy through the operating subsidiary management teams.
In a statement, he said: "New World Resources is a well-run company, with a highly skilled workforce, and a robust business model. The Company has delivered on an ambitious programme of modernisation and dramatically improved operating efficiency and safety across its mining and coking operations over the past five years. I am very excited to be taking over as Executive Chairman of NWR and look forward to contributing to the further development of the Company's growth strategy. I am also looking forward to working with the excellent management team of NWR."
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published