Petra Diamonds, the UK-based diamond miner, has confirmed that Johan Dippenaar will be stepping down from his position as Chief Executive Officer of the company.
“As part of the Nomination Committee Succession plan, a process to identify a successor for the CEO position has now commenced,” Petra Diamonds wrote in its Preliminary Results Announcement.
“In line with the Company's development from a phase of intensive capital expenditure and expansion to a focus on steady state operations, Johan Dippenaar will be stepping down from the role when an appointment has been made.”
Dippenaar has worked for the firm as the CEO for 13 years, since the 2005 merger with Crown Diamonds.
The company’s annual production has grown under Dippenaar’s years at the firm – from around 175,000 carats per annum in 2016 to 4.6mn carats within the recent fiscal year.
“As Petra now approaches the final stage of its expansion plans, it is positioned to reap the benefits and, in line with the Nomination Committee's Succession Plan, a successor for the CEO position will be appointed in due course,” remarked Adonis Pouroulis, Chairman of Petra Diamonds.
“Johan will continue in the role of CEO until this time and will work closely with the Board to ensure an efficient handover.”
“I would like to take this opportunity to express the Board's sincere gratitude for all that he has done for Petra.”
“We look forward to updating the market with new non-executive appointments in October.”