Gold Fields Ltd. said Michael Fraser will take over as chief executive officer from January, a permanent replacement for Chris Griffith, who stepped down in December.
(Bloomberg) — Gold Fields Ltd. said Michael Fraser will take over as chief executive officer from January, a permanent replacement for Chris Griffith, who stepped down in December.
Fraser, who is currently CEO of AIM-listed Chaarat Gold Holdings, will replace Martin Preece, who has served as interim CEO since January, the Johannesburg-listed gold miner said Monday in a statement. Fraser was previously an executive at South32 Ltd. and BHP Group Ltd.
Griffith left Gold Fields in the wake of its failed attempt to take over Canadian miner Yamana Gold Inc., denting a plan to expand in the Americas that faced opposition from some of the South African company’s own investors.
Preece will remain on the company’s executive management team, and the company is continuing its search for a new chief financial officer after Paul Schmidt retired in August, Gold Fields Chairman Yunus Suleman said on a call with analysts on Monday.
“We were looking for someone with global experience, and Mike has worked in a number of jurisdictions, including Australia and Colombia,” said Suleman.
Suleman also ruled out any plans to restructure the firm or relocate its listing to New York like rival AngloGold Ashanti Ltd. did earlier this year.
“We really don’t believe there’s any justification for a relocation,” said Suleman. “We’re not going to see Gold Fields doing an AngloGold Ashanti.”
(Updated with comments from Gold Fields chairman in fifth paragraph)
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