Royal Bafokeng Platinum (RBPlat) says the contract of Steve Phiri as its chief executive will end on August 31 following the successful completion of Impala Platinum's (Implats') takeover of RBPlat.
Phiri had initially planned to resign as chief executive in 2022, but his retirement was delayed due to announcements made by Implats and Northam Platinum, regarding the potential acquisition of RBPlat.
RBPlat decided in April of this year to extend Phiri's contract until October 7.
This extension was granted to ensure that his employment would continue until the outcome of the corporate action became certain.
However, due to Implats' acquisition of a 98.91% majority stake in RBPlat and successfully obtaining all necessary regulatory approvals, his contract will be concluded earlier.
“After more than 18 months of corporate action, our journey to become a fully owned part of Implats is finally becoming a reality and we are excited about the changes this will bring,” said Phiri. “…as I finally retire, I take comfort in knowing that the future is in good hands, and you will work to create a better future for all South Africans.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
