29th Sep 2008 07:00
Appointment of Ian Farmer as Chief Executive Officer
The Board of Lonmin Plc ("Lonmin" or the "Company") today announces that it has appointed Ian Farmer as Chief Executive Officer, effective immediately. Brad Mills has stepped down as Chief Executive Officer by mutual consent.
Lonmin Chairman, Sir John Craven, said: "I would like to take this opportunity to extend the Board's sincere thanks to Brad for his significant contribution in developing the Company over the past four years. He will leave the Company in a strong position for the future with good growth prospects.
"We are pleased that Ian has become our new Chief Executive Officer. He brings with him many years of experience of the platinum industry, a detailed knowledge of Lonmin and significant experience within South Africa.
"Xstrata is due to clarify its intentions later this week. However the Board has an ongoing duty to manage Lonmin in the best interests of shareholders. We have decided the time is right to appoint a new Chief Executive Officer and we believe Ian is the right person to lead the Group. As one of his immediate priorities, Ian will lead a review of the Group's operations focused on improving performance and maximising value for Lonmin shareholders from our unique and highly attractive long-term assets. Lonmin remains on track to achieve its previous guidance of platinum sales for 2008."
Notes to Editors
Ian Farmer, 46, was appointed as a director of Lonmin in 2001 since when he has served as Chief Strategic Officer with responsibilities for the Company's business development. A chartered accountant, he joined Lonmin in 1986 and after a few years transferred to a group company in Zambia. Since then, he has also served as Finance Director of Lonmin Platinum in South Africa between 1995 and 2001. Ian has both British and South African nationality.
Enquiries
Lonmin: +44 (0) 207 201 6060
Alex Shorland-Ball
Cardew Group: +44 (0) 207 930 0777
Anthony Cardew +44 (0) 7770 720 389
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