Mining

Chris Griffith resigns as CEO of Amplats

CHRIS Griffith, CEO of Anglo American Platinum (Amplats), called time on his seven year stint as CEO of the firm saying it had represented “the pinnacle” of his career.

His resignation is effective April.

“After more than seven years at the helm, and given all that we as a team have achieved, this is now the natural time for the next generation of leadership to take this business forward and deliver further value,” he said in a statement.

Amplats said Griffiths’ replacement would be an internal appointment.

Griffiths goes out on a high after taking over at Amplats during a period of restructuring and plummeting platinum prices.

During this period, Griffiths famously clashed with former mines minister, Susan Shabangu, who reacted angrily to the firm’s plan to cut 400,000 ounces of platinum production, potentially affecting 14,000 jobs. She threatened to withdraw Amplats’ mining licence, but the restructure proceeded in any event.

Today, the company’s shares are more than 200% stronger than in 2013, assisted by sky-high pricing for palladium and rhodium in particular.

In February 2019, Amplats approved a R2bn payout, its largest in 10 years having resumed the dividend and hiking the payout ratio to 40% of earnings.

The post Chris Griffith resigns as CEO of Amplats appeared first on Miningmx.

Source: miningmx.com

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