Bloomberg News

De Beers CFO Resigns a Month After Outsider Is Appointed CEO

June 10, 2011

(Updates with company comment in second paragraph.)

June 10 (Bloomberg) -- De Beers, a unit of Anglo American Plc, said Chief Financial Officer Stuart Brown resigned just a month after the world’s largest diamond producer broke with tradition to appoint an outsider as its new chief executive.

Brown, who joined De Beers in 1992, will leave the company on July 31 after helping Alstom SA’s Philippe Mellier settle in as CEO, the gem producer said in an e-mailed statement today. The finance chief, who has also been acting joint-CEO since last year, is seeking “new challenges,” he said in the statement.

De Beers, producer of about 40 percent of the world’s rough diamonds, said May 16 that it chose Mellier to head the company rather than promote internally. Mellier, a mechanical engineer with a background in cars and trains, will join the Johannesburg-based miner next month.

Anglo owns 45 percent of De Beers, while the Oppenheimer family owns 40 percent and Botswana holds 15 percent. Shares in Anglo fell as much as 3.1 percent, the most in almost three weeks, and traded down 2.9 percent at 2,901 pence as of 3:36 p.m. in London.

--With assistance from Alastair Reed in Johannesburg. Editors: Amanda Jordan, Sharon Lindores

To contact the reporter on this story: Carli Lourens in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net


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