Gemfields Announces Board Reshuffle with New Chair and Directors

These appointments follow an extensive search for a new Chair and Non-Executive Directors, aimed at enhancing board independence and expertise
Gemfields Announces Board Reshuffle with New Chair and Directors

Appointment of Bruce Cleaver as Chair and Independent Non-Executive Director

Bruce Cleaver will join Gemfields’ Board as Chair and Independent Non-Executive Director on 1 July 2024, also assuming the role of Chair of the Nomination Committee. Renowned for his leadership in the gemstone industry, Cleaver brings a wealth of experience from his tenure as Chief Executive Officer and Co-Chair of De Beers Group, the leading diamond company globally.

Outgoing Chair Martin Tolcher commented, "After 15 years on Gemfields’ Board and nearly 5 years as Chair, I believe it's the right time to step away to enhance Board independence. Bruce Cleaver is an outstanding successor, and I am confident that Gemfields will thrive under his guidance."

Cleaver expressed his gratitude and enthusiasm, stating, "I want to thank Martin for his significant contributions to Gemfields. The company has evolved remarkably, becoming a leader in the coloured gemstone market. I am excited to join the Board and work with the team to drive Gemfields' next phase of growth, including the new processing plant at MRM, which will triple our throughput capacity by mid-2025."

Appointment of Simon Scott as Independent Non-Executive Director

Simon Scott will join the Board as an Independent Non-Executive Director on 1 July 2024. He will serve on the Audit and Nomination Committees and Chair the Risk Council. Scott's illustrious career includes roles as Chief Financial Officer of Lonmin plc and Non-Executive Director of First Quantum Minerals Ltd and Sylvania Platinum Ltd.

Appointment of Kieran Daly as Non-Executive Director

Kieran Daly will also join the Board as a Non-Executive Director on 1 July 2024. Currently an alternate director to Patrick Sacco, Daly is Managing Director of Assore International Holdings and Executive: Growth & Strategic Development at Assore Holdings. His extensive mining experience spans various geographies and commodities.

Resignations of Martin Tolcher, Lumkile Mondi, and Carel Malan

In line with the 2023 Notice of AGM, Martin Tolcher, Chair, and Lumkile Mondi, Lead Independent Non-Executive Director, will resign from the Board effective 1 July 2024, ensuring a smooth transition. Carel Malan will also step down to focus on his role at Ore & Metal Company Ltd, a subsidiary of Assore Holdings. The contributions of Martin, Lumkile, and Carel will be formally acknowledged at the AGM on 25 June 2024.

Other Board Changes

Kwape Mmela, currently an Independent Non-Executive Director and Chair of the Remuneration Committee, will become the Lead Independent Non-Executive Director and join the Audit Committee from 1 July 2024.

New Directors' Board Appointments

Bruce Cleaver:

- Current: Grantley House (Kent) Limited, Vergelegen Wines (Pty) Ltd

- Former: De Beers Group, De Beers PLC, Debswana Diamond Company Proprietary Limited, and others.

Simon Scott:

- Current: First Quantum Minerals Limited, Sylvania Platinum Limited

- Former: Anglogold Ashanti Holdings PLC

Bruce (aged 59) and Simon (aged 66) do not hold any interests in the company’s ordinary shares. No further disclosures are required under Schedule 2 (g) of the AIM Rules for Companies.

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