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Johannesburg - The chief executive of Impala Platinum Holdings [JSE:IMP], the world's second-largest producer of the precious metal, is stepping down against the backdrop of a poorly performing share price and tough talks with Zimbabwe regarding its operations there.
Implats said in a brief statement on Wednesday that David Brown would depart as CEO with effect from June 30 in order to "pursue his own interests". Its share price extended losses on the day and was 3% lower.
The company also said the board has identified a successor and is in the process of finalising the appointment.
Implats was the second-worst performing share among South Africa's benchmark Top 40 index in 2011, shedding 28% over the course of the year as the platinum price struggled.
It was a bad year in general for platinum producers. Implats' bigger rival Anglo American Platinum lost 23% in 2011 and Lonmin slid about 40%.
All platinum producers in South Africa, where about 80% of known global reserves are found, are grappling with rising costs and safety issues.
Brown's departure also comes at a sensitive time when the company is in talks in Zimbabwe over disputed royalties and a drive by the government there to force foreign miners to surrender majority stakes to local black investors.
Brown had slammed the Zimbabwe moves last August in unusually blunt language, saying: "We believe that 51% equity just does not work."
Implats said in a brief statement on Wednesday that David Brown would depart as CEO with effect from June 30 in order to "pursue his own interests". Its share price extended losses on the day and was 3% lower.
The company also said the board has identified a successor and is in the process of finalising the appointment.
Implats was the second-worst performing share among South Africa's benchmark Top 40 index in 2011, shedding 28% over the course of the year as the platinum price struggled.
It was a bad year in general for platinum producers. Implats' bigger rival Anglo American Platinum lost 23% in 2011 and Lonmin slid about 40%.
All platinum producers in South Africa, where about 80% of known global reserves are found, are grappling with rising costs and safety issues.
Brown's departure also comes at a sensitive time when the company is in talks in Zimbabwe over disputed royalties and a drive by the government there to force foreign miners to surrender majority stakes to local black investors.
Brown had slammed the Zimbabwe moves last August in unusually blunt language, saying: "We believe that 51% equity just does not work."
