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Lonmin CEO Ian Farmer Steps Down

12/28/2012 3:43 AM ET

Precious metals miner Lonmin Plc (LMI.L, LNMIF.PK) Friday said Ian Farmer will step down as chief executive officer and director of the firm effective immediately, as he is undergoing treatment for a serious illness. The company is on search for a successor to Farmer, while Simon Scott will continue to serve as acting CEO in the interim period.

Farmer has been CEO of Lonmin for the last four years. Roger Phillimore, chairman of the company said, "We will greatly miss Ian's ability, commitment and drive which he has devoted to the Company over a career spanning more than 26 years...We wish him well with his ongoing treatment and will stay in close touch with him as a valued colleague and friend."

Lonmin, the world's third largest Platinum producer, stated that its board has appointed an executive search agent to find a suitable successor to Farmer.

During the period, Simon Scott will continue to serve as acting CEO with the full support of the board. However, Scott has requested the firm not to consider him as a candidate for the role of CEO. Following the appointment of new chief executive, Scott will dedicate his time fully to his chief financial officer role.

It was in August end, that Lonmin appointed its Chief Financial Officer Scott as its acting chief executive officer for the interim period till the regular CEO Farmer assumes responsibility.

According to the company, Farmer was diagnosed with a serious illness and was hospitalized. He had commenced a course of treatment and the company expected that he will return to work after a few months.

In his duties, Scott was supported by the company's team of executive vice presidents and executive committee, including Roger Phillimore and Mahomed Seedat.

In London, Lonmin shares are currently trading at 284.80 pence, down 0.25 percent, on a volume of 60,131 shares.

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by RTT Staff Writer

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