29th Jan 2009 07:00
Retirement of Sir John Craven as Chairman
The Board of Lonmin Plc ("Lonmin" or the "Company") announces that Sir John Craven will today retire as a Non-executive Director and Chairman of the Board. Sir John's retirement will take effect at the end of the Company's Annual General Meeting, being held today. At that time, Roger Phillimore, Deputy Chairman, will assume the role of Chairman on an interim basis. A process to identify a permanent successor to Sir John has already begun.
Discussions on this matter, including related succession issues, initially took place last year, but were disrupted by the pre-conditional offer for the Company by Xstrata plc, and the matter was deferred. Sir John's decision today to decline to stand for re-election has been taken as a consequence of personal and family health reasons.
Roger Phillimore said: "The Board is extremely grateful to Sir John for his contribution to the development of Lonmin as Chairman of the Board since 1997. During that time, the Company has been transformed from a diverse conglomerate into the third largest Platinum producer in the world. This strategic transformation would not have happened without Sir John's energy and determination. We wish Sir John and his family all the best for the future."
Sir John Craven said: "I am honoured to have served as Chairman of the Lonmin Board for nearly twelve years, but it gives me no pleasure to bow out at a time when the Company faces such challenging times, as a result of the global economic downturn. I do so, however, with every confidence that the steps the Company is taking are the right ones. When the economic storm clouds pass, the market will again appreciate the inherent values of Lonmin, a company with a high quality asset base in an attractive industry."
Notes to Editors
Sir John Craven (67) was appointed as independent Non-executive Director and Chairman of the Board in 1997. He was previously the group Chief Executive and Chairman of Morgan Grenfell Group plc and a member of the Board of Managing Directors of Deutsche Bank AG. Sir John was also Chairman of Fleming Family and Partners Limited, an independent, privately-owned investment house. He has held a number of Non-executive Directorships, including Reuters Holdings plc, Rothmans International plc, Ducati Group and The Royal Marsden NHS Foundation Trust, and is Non-executive Chairman of Patagonia Gold Plc. Sir John holds both British and Canadian nationality and was knighted for his services to banking and the City in 1996.
Roger Phillimore (59) was appointed an independent Non-executive Director in 1997. Roger is Chairman of the Nomination and Remuneration Committees, and a member of the Audit and Risk Committee. He was formerly joint managing director of Minorco, and is currently a Non-executive Director of Harry Winston Diamond Corporation. Roger holds both South African and British nationality.
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Head of Investor Relations
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Cardew Group
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