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Patrice Motsepe steps down from exec role at African Rainbow Minerals
African Rainbow Minerals (ARM) announced that its founder, Patrice Motsepe, has relinquished his executive role at the group to comply with new rules of Africa's largest bourse.
African Rainbow Minerals (ARM) founder Patrice Motsepe has stepped down from his executive role to comply with new rules from the Johannesburg Stock Exchange (JSE). Image credit: Reuters/Siphiwe Sibeko.
Motsepe, who has served as ARM's executive chairman since founding the diversified miner in 2003, will become non-executive chairman from 16 February, the company said in a statement.
It said the move aligns with new Johannesburg Stock Exchange (JSE) rules that came into effect, which bar persons chairing boards from performing executive functions, part of wider measures aimed at simplifying listing requirements.
"I look forward to continue contributing to the global competitiveness of ARM in my new capacity as non-executive chairman," Motsepe was quoted as saying in the statement.
The change comes as the JSE seeks to improve corporate governance by introducing stricter separation between executive and non-executive roles.