London, England — MININGREVIEW.COM — 01 October 2008 – Lonmin plc – the world’s third-largest platinum producer – has appointed Ian Farmer as chief executive officer with immediate effect.
Making the announcement here today, the company said Farmer was replacing Brad Mills, who has stepped down as CEO by mutual consent.
Lonmin chairman Sir John Craven pointed out that Swiss-based Xstrata is due to clarify its intentions regarding its takeover bid later this week., but emphasised that the board had an ongoing duty to manage Lonmin in the best interests of shareholders.
“We have decided the time is right to appoint a new CEO and we believe Ian is the right person to lead the group. As one of his immediate priorities, he will lead a review of the group’s operations focused on improving performance and maximising value for Lonmin shareholders from our unique and highly attractive long-term assets. Lonmin remains on track to achieve its previous guidance of platinum sales for 2008,” Sir John concluded.