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Froneman, CEO of Sibanye, will retire in September

Richard Stewart, the current head of operations for the Southern Africa region of Sibanye Stillwater, will succeed Neal Froneman as CEO of the company at the end September, the company announced on Thursday.

Stewart joined Sibanye back in 2014. Investors have long viewed him as a potential successor to Froneman who will turn 66 this September.

Froneman is the CEO of Sibanye, which was founded in 2013 by the merger of three Gold Fields mines. Sibanye is now a diversified mining company with operations in Southern Africa, the United States and gold and platinum group metals (PGM).

Froneman also pushed for the purchase of zinc and lithium assets in Australia, as he wanted to position his company to take advantage of the green energy revolution.

Sibanye's deal spree has put pressure on its balance sheet. The Johannesburg-based miner is also struggling with declining profits, as PGM, especially palladium prices, have fallen from their record highs in March 2022, following Russia's invasion. Reporting by Nelson Banya, Felix Njini and David Goodman. Editing by David Goodman.

(source: Reuters)