Industry News by Nemesis

Campbell Resigns as Rockwell CEO; Menell Also to Step Down

September 15, 2016

James Campbell has resigned as CEO of TSX- and JSE-listed Rockwell Diamonds and will hand over the reins to newly appointed executive officer Tjaart Willemse following a structured transfer by the end of November.

 

Campbell will remain a director of the company, while Willemse will assume responsibility for the day-to-day operations and plant completion, reporting to Rockwell’s chairperson Dr Mark Bristow.

 

Further, Rockwell is accommodating the exit of nonexecutive directors Stephen Dietrich, for personal health reasons, and Rick Menell, for reasons relating to his demanding schedule, in what the company said was an unrelated development.

 

Richard Mhlontlo, representing Rockwell’s black economic empowerment shareholder, will replace the duo.

 

Meanwhile, Willemse will work with the board to continue the review of the company’s management structures and operating plans going forward.

 

A strategic review took place by way of special board committee on August 28 to evaluate the previously implemented strategies and Rockwell’s position in the diamond market.

 

A management review was also conducted following the recent exit of two senior managers.

 

“The board determined that further intervention on operations and plant completion was necessary, while new opportunities are being assessed,” the company said in an update to shareholders.

 

The company explained that, while the first phase of the wet plant at Wouterspan was substantially complete, and diamond grades were in line with expectations, the review determined that the latest acquisition Remhoogte was below plan and the construction of the new Wouterspan plant was behind schedule and above budget.

 

Source: Mining Weekly

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