Embattled Lonmin appoints acting CEO

2012-08-24 08:36

London - Platinum miner Lonmin [JSE:LON], facing a strained balance sheet, a shortfall in production and lost revenue after a violent strike that left 44 dead, has appointed its chief financial officer as acting chief executive.

The South Africa-focused company, the third-largest in the sector, said Simon Scott would take the helm while chief executive Ian Farmer pursues a course of treatment for an unspecified illness.

Lonmin said it would be "some months" before Farmer would return to work full time.

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  • alan.jerrold - 2012-08-24 09:05

    Just shut Lonmin down guys. Then all those militant panga-carrying workers, incited by greedy unions, will be out of work. Problem solved. People need to learn there are limits, both moral and economic in this world. Obviously, they have to learn the hard way.

      blip.noodlum - 2012-08-25 04:17

      It will then sell -- or be nationalised -- for a bargain-basement price.

  • ajgreis - 2012-08-24 09:09

    Now those warriors can go and get a job in Somalia as mercenaries.

  • Mxolisi Perfect - 2012-08-24 09:37

    hahaha wt a timing

  • loo.steyn - 2012-08-24 09:38

    its obvious that the board told the CEO to fall ill.. Unfortunately RSA has become a country where the "mob" demands a scape goat . .or someone to blame. "Removing" the CEO from office enables the mine to do damage control for example " I cannot answer your question Mr. newspaper because the CEO during that time has fallen ill" OLD strategy which I would employ as well if I was them. fact is . .the mine played no role in the killings ... the fight primarily was between two unions , ,and the problem one faction had with the mine was that the mine acknowledged the "new boy on the block union" . The wage dispute was insignificant in the context of the "killings". It was clearly a union faction fight with the new union "stealing" other union's members. that resulted in the one union losing money and power. SO ..WTF the mine and or the govt get blamed for this only they know because this was a simple case of a murderous mob using violence as an attempt to achieve theyr goals and it backfired. ONLY ones to blame was the murderous mob.

  • blip.noodlum - 2012-08-25 04:18

    The disgraceful Ian Farmer will, no doubt, float away down to retirement-earth with a very large, obscenely-expensive platinum parachute above his head.

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