Lonmin faces struggle to replace chief executive
The beleaguered platinum miner Lonmin faces a tough search for a new chief executive after current boss Ian Farmer stepped down due to serious illness yesterday.
Mr Farmer had been ill for several months, during which time a series of violent strikes in its South Africa base had badly hit the former FTSE 100 stalwart. He had been at the helm for four years, relocating most of the group's major operational functions from the UK to South Africa.
However, the strikes, in which 46 people were killed, an $817m (£506m) rights issue needed to prevent breaches of the terms of the company's loans, high labour and energy costs, and volatile platinum prices could mean that few big names will want the role. A senior mining source said: "You would be stepping into a situation where there is not much flexibility. If you don't like what's going on with the mines, you can't just suddenly move out of the country."
One candidate to take over would be the former BHP Billiton finance director Alex Vanselow, who is actively looking for a senior role. However, sources close to Mr Vanselow said that he was more likely to stay in the hunt to succeed Cynthia Carroll at Anglo American. Simon Scott, the finance director, will continue to lead the company on an interim basis, but has ruled out taking the job on a permanent basis. Lonmin shares fell 2.6 per cent yesterday and are 45 per cent down on the levels of 12 months ago.
Harry Potter actor suffered 'severe flu-like symptoms' on a flight from London to Orlando
First full-length look is finally here
World cities ranked in terms of safety, food security and 'liveability'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Sex abuse inquiry: 'Victims receive death threats' after MPs release names online
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...