Gold Fields CEO Chris Griffith speaks during the African Mining Indaba 2022, in Cape Town, South Africa, on May 9.SHELLEY CHRISTIANS/Reuters
Outgoing Gold Fields Ltd. CEO Chris Griffith decided to step down as he felt responsible for the South African miner’s failed bid to acquire Canada’s Yamana Gold YRI-T, the company’s chairman said on Tuesday.
Mr. Griffith will leave his role effective Dec. 31, a month after the South African gold miner’s planned acquisition fell through, the company said. Gold Fields shares were down 5 per cent by 0953 GMT.
“As CEO, Chris felt that he should take responsibility and allow the company to move forward under new leadership, unencumbered by the Yamana transaction,” Gold Fields Chairman Yunus Suleman told reporters on Tuesday.
Mr. Griffith was not available to comment, a Gold Fields spokesperson said.
The Gold Fields board had been fully behind the attempt to acquire Yamana and had also unanimously agreed to avoid a bidding war for the Canadian miner, Mr. Suleman added.
Two top Gold Fields shareholders, Red Wheel Capital and VanEck, had publicly opposed the deal, which was scuppered last month when Yamana backed a rival US$4.8-billion takeover bid from Agnico Eagle and Pan American Silver Corp.
Martin Preece, executive vice-president of Gold Fields South Africa, has been appointed as interim CEO, and Mr. Suleman said it could take up to 12 months to appoint a permanent CEO.
Mr. Preece will join the company’s board of directors on Jan. 1 and has its full support, Gold Fields said. Mr. Griffith, who joined Gold Fields in April, 2021, will also step down from the board.
“We thank Chris for the commitment and dedication he showed as CEO of Gold Fields, especially during the Yamana transaction,” Mr. Suleman said.
Gold Fields shares, which plunged 20 per cent on May 31 when the company announced its acquisition plans, have since bounced back and are currently up by around 3 per cent since the start of this year.