Gold Fields announced today that CEO Chris Griffiths will step down.
Martin Preece, EVP of Gold Fields South Africa, has been appointed to lead the company as interim CEO.
In the spring Chris Griffith announced his company would acquire Yamana Gold. The deal was criticized by some of Gold Fields major shareholders. The deal was trumped by Agnico Eagle Gold Mines and Pan American Silver in November.
“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," wrote Griffith in a letter announcing is his resignation. "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.
“We thank Chris for the commitment and dedication he showed as CEO of Gold Fields, especially during the Yamana Gold transaction," said Gold Fields Chairperson Yunus Suleman "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. The company is performing well, delivering strong shareholder returns and we continue to deliver on the strategy, including growing the value and quality of our portfolio of assets.”
