Petra Diamonds has announced the appointment of Peter Hill CBE as Non-Executive Director and Chairman-designate with effect from 1 January 2020, and as Non-Executive Chairman on 31 March 2020, in succession to founder and Chairman Adonis Pouroulis.
Petra's Non-Executive Chairman, Adonis Pouroulis comments:
"We are delighted that Peter will be joining Petra Diamonds. He brings an impressive track record of Chairmanships and Board memberships across a range of global companies, industries and organisations, built on his earlier career in the mining industry including in Southern Africa, in underground and open pit operations, in planning and in project evaluation and development, in mining finance and as a CEO.
"I am personally delighted that someone of Peter's calibre and experience will be succeeding me as Chairman, and I wish him well."
Peter Hill comments:
"I am honoured and privileged to be appointed Chairman-designate of Petra Diamonds. I look forward greatly to working with the Board, as well as with Richard and his executive team, in taking Petra forward to the next stage of its development."
Tony Lowrie, Petra's Senior Independent Non-Executive Director, comments:
"We are very pleased with the outcome of the Nomination Committee's search for a new Chairman, which was assisted by an independent external search and leadership advisory firm, Egon Zehnder. This marks one of the most important developments in the Company's Three Year Succession Plan, which is currently in its final year and was instigated to reflect the Company's maturity from its intensive capital expansion phase to that of steady state, cash-generative operations.
"Adonis Pouroulis will now be stepping down on 31 March 2020. Having founded and listed Petra in 1997, Adonis has led the Company through an extraordinary period of growth and into one of the world's top five independent diamond producers.
"There have been many challenges along the way, but also opportunities that were grasped with both hands and that were instrumental in building the Group we have today.
"Throughout his tenure, Adonis has led with passion, resilience and tremendous energy, backed up by his love for Africa and a desire to generate value for all of Petra's stakeholders.
"On behalf of the Board, I would like to thank Adonis for his exceptional contribution to Petra and it has been a pleasure to work closely with him as Senior Independent Director."