Acacia Mining
Underground mining activities the Bulyanhulu gold mine in Tanzania
Acacia Mining CEO Brad Gordon and CFO Andrew Wray have separately notified the company of their intention to resign from their positions.

Both Gordon and Wray will remain with London-listed gold mining company Acacia Mining until the end of the year to ensure a smooth transition.

Gordon will be returning to Australia for family reasons, while Wray is pursuing an opportunity elsewhere.

Peter Geleta, currently Acacia’s head of organisational effectiveness, has been appointed as interim CEO, while Jaco Maritz, currently Acacia’s general manager of fnance, will be appointed CFO. Both appointments will be effective from 1 January 2018.

Geleta (54) has 35 years of mining industry experience in both operational and corporate leadership positions, primarily in Africa.

Prior to joining Acacia, Geleta held senior roles at AngloGold Ashanti (25 years) and Barrick Gold Corporation. He joined Acacia in May 2012 as organisational effectiveness VP. Since then, Geleta has been a key member of the executive team of Acacia and an integral part of the company’s turnaround. During his time with Acacia, Geleta has also served as general manager of the Bulyanhulu mine and helped lead the successful restructuring of the business.

Geleta holds an Executive MBA qualification from the University of Cape Town.

Maritz (42) has been with Acacia and its predecessor companies since 2001 in a range of increasingly senior finance roles covering all aspects of the finance function. He was initially employed by Placer Dome, which was acquired by Barrick in 2006, and was part of Acacia at its inception. In 2013, Maritz spent six months acting as CFO for the business, prior to the appointment of Wray.

Maritz is a member of the South African Institute of Chartered Accountants.

In addition to assuming the role of interim CEO, Geleta will also replace Gordon on the board of directors at the end of the year. As a result, the board will continue to consist of seven directors, with one executive director, four independent non-executive directors and two non-executive directors.

“Gordon and Wray have been instrumental in the operational and financial turnaround of Acacia over the past four years”, says Acacia Chairman Kelvin Dushnisky, who wished them all the best for the future.

“We are equally confident that Galeta and Maritz will move seamlessly into their new roles. Geleta has demonstrated leadership skills, combined with his all-around abilities and strong experience across all aspects and all levels of the African mining industry will be an important asset for Acacia. Maritz’s expertise and long history with the company make him the natural successor for Gordon,” he added.

Acacia says that it remains focused on delivering against its operational targets, which remain unchanged from the Q3 results, while seeking a resolution to the situation in Tanzania.