By Lehlohonolo Lehana.
Photo Credit: Waldo Swiegers.
Platinum mining giant Sibanye Stillwater has confirmed Neal Froneman will step down as the CEO and executive director in September this year after being at the helm since 2013.
Froneman will be succeeded by Richard Stewart, who currently serves as the company’s chief regional officer for Southern Africa.
He will be appointed as CEO designate and executive director from 1 March 2025 while continuing his current responsibilities.
“Neal has led the Sibanye-Stillwater group since 2013, guiding the initial turnaround of the three mature, challenging gold mines that the group inherited from Gold Fields,” said Sibanye chair Vincent Maphai.
“From the significantly more profitable and stable base that was established, he subsequently drove the group’s strategic growth and diversification into what it is today.
“I, along with many of my fellow board members, have travelled this incredible journey with Neal, and I know that my admiration for Neal’s strategic leadership and moral candour during his tenure, as well as my gratitude for his unwavering commitment, is shared by all.”
He said Froneman leaves a business that is in good health, financially and operationally, with a clear and consistent strategy.
In addition to his role as Sibanye CEO, Froneman held other prominent roles, including chairman of the World Gold Council and co-leader of the Crime and Corruption workstream for business in South Africa.
“Neal leaves behind a proud legacy at Sibanye-Stillwater and in the South African mining industry, which is testament to his strategic vision and inspirational leadership,” Maphai said.
“We welcome Richard’s appointment and are confident that this internal succession will ensure continuity and a seamless leadership transition.”
“On behalf of the board and the over 70,000 Sibanye-Stillwater colleagues, we wish Neal a long and happy retirement.”
The company further explained that Stewart’s appointment follows an independent, best-practice succession process overseen by its board.
“Richard’s appointment is testament to the quality and depth of leadership at Sibanye-Stillwater and the well-considered and effective group succession planning processes,” it said.
“Since joining the group in 2014, Richard has been a key member of its senior leadership team, responsible for jointly charting and implementing the group’s strategy.”
Stewart has held various group executive leadership positions, including his current position, which he has held since 31 May 2022.
He was also chief operating officer from 1 December 2020, and prior to that, executive vice president of business development.
Stewart has more than 24 years of experience in South Africa’s geological and mining industries and is a Fellow of the Geological Society of South Africa and a Registered Natural Scientist.