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TimesLIVE reports that London-listed Petra Diamonds has announced the resignation by mutual agreement and with immediate effect of CEO Richard Duffy.
This as the company’s debt soared and it faced rising cost pressures during the six months ended December amid a weak diamond market. Petra has appointed chief restructuring officer Vivek Gadodia and operations executive at Cullinan Mine Juan Kemp as joint interim CEOs. Gadodia will be responsible for group corporate matters and Kemp will head group operational matters. Both will report to the board and lead Petra's executive committee. “At this point they will not be appointed as directors,” the company indicated. José Manuel Vargas, Petra's chair, said: “On behalf of the board I thank Richard for his hard work and dedication as CEO since he joined Petra in 2019. We wish Richard all the best for the future.” Duffy said: “It's been an honour and a privilege to serve Petra for the past almost six years. I would like to thank the Petra team and my fellow directors and wish Petra every success.”
- Read the full original of the report in the above regard by Dineo Faku at TimesLIVE
- Read too, Petra Diamonds CEO Richard Duffy resigns with immediate effect, at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page