Mumbai: Gemfields has announced changes to the Board, due to take effect on 1 July 2024, following a broad search for both a new Chair and Non-Executive Directors.
Appointment of Bruce Cleaver as Chair and Independent Non-Executive Director:
Bruce Cleaver will join Gemfields’ Board as Chair and Independent Non-Executive Director on 1 July 2024. Bruce will also become Chair of the Nomination Committee.
Bruce’s reputation as a preeminent leader is well documented and he brings considerableexperience of mining gemstones in Africa and marketing them internationally. Bruce was previously Chief Executive Officer and Co-Chair of De Beers Group, the world’s leading diamond company.
Martin Tolcher, the outgoing Chair, commented, “After 15 years as a member of Gemfields’ Board and approaching 5 years as Chair, the time hascome for me to step away from the Company in order to bolster Board independence. I am truly delighted to have such a remarkable successor in Bruce and am confident that Gemfields will go from strength to strength under his stewardship.”
Bruce Cleaver, the incoming Chair, commented, “First and most importantly, I would like to convey my thanks and congratulations to Martin for his significant contribution to Gemfields, both as a Board member since 2008 and as Chair since 2019. He has played an invaluable role from Gemfields’ humble beginnings to it being, today, the world’s leading coloured gemstone company.
“I am excited and enthused to take on the role of Chair of Gemfields’ Board and look forward to working with Sean, David and the Gemfields team as we prepare the Company for its next stage of growth, including by way of the construction of a new processing plant – tripling throughput capacity – at the world’s leading ruby mine, MRM, and which is on schedule for completion during the first half of 2025.”
Appointment of Simon Scott as Independent Non-Executive Director:
Simon Scott will join Gemfields’ Board as Independent Non-Executive Director on 1 July 2024.Simon will join the Audit Committee and the Nomination Committee and will also Chair the Risk Council.
Simon has had an illustrious career with extensive experience on public company boards in both executive and non-executive roles during a long career in mining and finance. Simon was previously Chief Financial Officer of Lonmin plc, the LSE listed platinum miner and is a non-executive director of First Quantum Minerals Ltd and Sylvania Platinum Ltd.
Appointment of Kieran Daly as Non-Executive Director:
Kieran Daly will join Gemfields’ Board as Non-Executive Director on 1 July 2024. Kieran Daly is currently an alternate director to Patrick Sacco on the Gemfields Board. His disclosures under Schedule 2 (g) of the AIM Rules for Companies were included in his appointment announcement as an alternative director in November 2021.
Kieran is Managing Director of Assore International Holdings (which holds a 29.2% holding in Gemfields Group Limited and therefore he is not deemed independent) and, Executive: Growth & Strategic Development at Assore Holdings. Kieran has significant experience in mining across various geographies and commodities and holds board-level roles in other mining companies including at Atlantic Lithium Ltd.
Resignation of Martin Tolcher, Lumkile Mondi and Carel Malan:
In Gemfields’ 2023 Notice of AGM, Martin Tolcher, Gemfields’ Chair, and Lumkile Mondi, Lead Independent Non-Executive Director, informed shareholders that they had entered their finalterms in office on the Board and intended to ensure a smooth transition. Martin and Lumkile resign from Gemfields’ Board with effect from 1 July 2024 to allow the appointment of the new Chair and Non-Executive Directors.
Carel Malan also resigns from Gemfields’ Board with effect from 1 July 2024 in order to focus on his now permanent role at Ore & Metal Company Ltd, a 100% subsidiary of Assore Holdings. Martin, Lumkile and Carel have all provided invaluable contributions to the Company during their respective tenures on Gemfields’ Board. Gemfields will formally thank them for their service at the upcoming AGM on 25 June 2024.
Other Board changes:
Kwape Mmela, Gemfields’ Independent Non-Executive Director, Chair of the RemunerationCommittee and a member of the Nomination Committee, will become Lead Independent Non Executive Director and join the Audit Committee with effect from 1 July 2024.
