JOHANNESBURG (Reuters) - South Africa’s Sibanye-Stillwater said on Wednesday its Chairman Sello Moloko would step down after the precious metal producer and Lonmin cleared the final hurdle to create the world’s second-largest platinum producer.
Sibanye, whose 226 million pound ($286 million) takeover of its London-listed rival was approved by shareholders on Tuesday, said Moloko was resigning to focus on his other business interests.
He will be succeeded by Vincent Maphai effective from June 1. Maphai has held various positions in academia, the public and private sectors including serving as chairman of BHP Billiton Ltd South Africa for five years, Sibanye said.
“With the successful conclusion of the shareholder vote to approve the Lonmin acquisition yesterday, I feel confident that the group is poised to deliver on its vision of creating superior value for all of our stakeholders and believe that this is an opportune time to hand the chairman’s baton on,” Moloko said in a statement.
Reporting by Tanisha Heiberg; editing by Emelia Sithole-Matarise