Managing Director of De Beers Consolidated Mines to step down

The De Beers Group announced the stepping down of David Noko, from the role of Managing Director of De Beers Consolidated Mines (DBCM), the Group’s South African mining entity. He will step down at the end of March 2010, after having served eight years in the company; four years as its Managing Director. David said, “The time is right for me to step aside so that a new leader can take DBCM on the next phase of its transformational journey. I have confidence in the future of DBCM – the company has demonstrated resilience in the face of the recession, and is emerging ready for the next stage in its evolution. The young talent we have developed throughout DBCM, and our relentless focus on a ‘Zero Harm’ safety standard and continuous business improvement, have positioned the company well for the future.”

Upon his announcement to step down, the leaders of the DBCM commented on the glory that David has brought to the company. Nicky Oppenheimer, Chairman of DBCM added that “ With his passion, dedication and visionary leadership David has transformed the company so that DBCM represents the best in South Africa and stands proud in the world of diamond mining.” DBCM Deputy Chairman and Ponahalo Chairman, Manne Dipico, mentioned that “David should feel a huge sense of pride in all that he has achieved at De Beers both as the Managing Director and, before that, as General Manager of Kimberley Mines. I speak on behalf of all the shareholders in Ponahalo; the empowerment groups, the women, disabled and community shareholders, and every one of our employee shareholders, when I thank him and wish him every success for the future.”

Gareth Penny, De Beers Group Managing Director added “David’s role in leading the company to a level where it was able to weather the economic downturn, and to eventually emerge from the recession ready for the future, is a major achievement of his tenure as Managing Director. He has made a profound impact in the company, and in the Chamber of Mines where he is the Deputy President. He has built an understanding between government, the company, and shareholders to be proud of.”

David leaves making the company ready to take on the next stage of its transformational journey. The company is adopting strategies to incorporate the new developments and the incoming CEO will take the company into this new stage. Shareholders have announced Barend Petersen as the new Acting CEO, beginning April 2010, until the permanent CEO is finalised. Barend has a career background in chartered accountancy. He is a non executive Director of Anglo American South Africa and also owns a stake in Ponahalo Investment Holdings, the black empowerment company. Ponahalo Investment Holdings has a joint 50 percent stake in Ponahalo, which owns a 26 percent equity interest in De Beers Consolidated Mines. In the past decade Barend has had a deep involvement in De Beers, and in the De Beers Family of Companies. He is chairman of the Environment, Community, Health and Safety Committee (ECoHS) of De Beers Family of Companies, and is a non-executive director of De Beers Société Anonyme, the holding company of the De Beers Group and of De Beers Consolidated Mines.