Following a disappointing mission to buy one of Canada’s biggest gold mines, Gold Fields CEO Chris Griffith has stepped down from his role.
BusinessTech Africa has discovered that, through a media release, Griffith has resigned from his position at Goldfields and the miner has expressed disappointment.
Under Griffith’s leadership, Gold Fields saw its plan or attempt to buy Yamana bungled and Chairman Yunus Suleman released a statement where he expressed their heartbreak.
However, Suleman thanked the outgoing CEO for his role in the company’s operations, saying he was a dedicated servant.
“We thank Chris for the commitment and dedication he showed as CEO of Gold Fields, especially during the Yamana Gold transaction,” he said.
“We were all disappointed that the Yamana deal did not go through, as we felt it was a compelling deal that would have created a strong company and created value for all our shareholders.
“The company is performing well, delivering strong shareholder returns and we continue to deliver on the strategy, including growing the value and quality of our portfolio of assets.”
It is reported that Gold Fields’s ambitions to acquire Yamana came to a disappointing end when rivals Agnico Eagle Mines AEM.TO and Pan American Silver Corp secured a $4.8 billion cash-and-shares deal to buy Yamana Gold.
In addition, Griffith thanked the board for believing and supporting him throughout his tenure.
“The Board and I agree that the company’s strategy, including growing the value and quality of the portfolio, continues to be the right one, but we also felt that the Yamana setback should not be allowed to impede the company’s strategy,” he said.
“So, as CEO I felt that I should take responsibility and allow the company to move forward under new leadership unencumbered by the Yamana transaction.
“I want to thank the Board for the opportunity to lead the successful company that is Gold Fields, and to have worked with them to help refine its strategic direction.”
Griffith was previously the CEO of Anglo American Platinum before joining Gold Fields in April 2021 where he succeeded Nick Holland who had held the post for 13 years.
The company has also announced that Griffith’s resignation is effective from December 31, 2022, and Martin Preece will step in as interim CEO.
