BL Premium reports that Gold Fields CEO Chris Griffith has taken the blame for the failed deal to buy Yamana Gold, a rival in Canada, and will step down at the end of December.

“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. 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,” Griffith said in a statement issued by the gold producer. Yamana Gold accepted a rival offer from Agnico Eagle and Pan American in November. Thanking Griffith for his commitment and dedication, company chairperson Yunus Suleman said ““We were all disappointed that the Yamana deal did not go through, as we felt it was a compelling deal which would have created a strong company and created value for all our shareholders.” Martin Preece, executive vice-president for SA, will become the interim CEO.

• Read the full original of the report in the above regard by Nico Gous at BusinessLive (subscriber access only)

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