By Lehlohonolo Lehana.
Gold Fields Ltd. (GFI) announced that Chris Griffith will step down from the Board of Directors and as Chief Executive Officer, effective December 31 after accepting defeat in his efforts to conclude the $6bn takeover Yamana Gold.
Griffith was appointed CEO in April 2021. He was previously CEO at Anglo American Platinum and Kumba Iron Ore.
A year later, Griffith launched the offer for Yamana Gold, a bold swing at reversing the decline in Godl Fields’s production from about 2026/7. After encountering initial opposition to the deal it looked as if Griffith was winning over shareholders.
In a brief statement, Gold Fields chairman Yunus Suleman said the company would be led on an interim basis by Martin Preece, executive vice president of Gold Fields’ South African operations.
“We thank Chris for the commitment and dedication he showed as CEO of Gold Fields, especially during the Yamana transaction,” Suleman said in a statement on Tuesday morning.
“We were all disappointed that the Yamana deal did not go through, as we felt it was a compelling deal which would have created a strong company and created value for all our shareholders.
“The company is performing well, delivering strong shareholder returns and we continue to deliver on the strategy including growing the value and quality of our portfolio of assets.”
Griffith said that he and the board agreed that the company’s strategy, including growing the value and quality of its portfolio, should continue.
“But we also felt that the Yamana setback should not be allowed to impede the company’s strategy. So, as CEO I felt that I should take responsibility and allow the company to move forward under new leadership unencumbered by the Yamana transaction,” he said.
“I want to thank the board for the opportunity to lead the successful company that is Gold Fields, and to have worked with them to help refine its strategic direction.”
Gold Fields is left with a gaping hole among the ranks of its senior executives. In addition to Griffith, the company has already accepted the resignations of its top lawyer, head of strategy and head of investor relations.
Brett Mattison, executive vice president of strategy, planning and corporate development, Taryn Leishman, executive vice president: group head of legal and compliance, and Avishkar Nagaser, executive vice president: Investor relations and corporate affairs resigned in October in the midst of the Yamana bid.