Sibanye Stillwater has done away with age limits on its board of directors as the mining giant looks to keep experienced hands amid a wave of leadership transitions in the sector.
The shift makes way for Sibanye chair Vincent Maphai, who turns 73 this year, to stay on in the key role, ensuring the board is backed by substantial industry experience as it undergoes its own CEO transition.
It could also see Sibanye retaining more of the storied names on its board in the coming years, including former Minerals Council South Africa president Rick Menell.
In a statement on Thursday Sibanye said the board had removed the “non-executive director age-based retirement limit” from its governance framework.
“All directors will be subject to annual fit, proper and capability assessments, consistent with good corporate governance and the JSE Listings Requirements,” said the company.
The average age of Sibanye’s board is 63, with 80% of members older than 60. Previously, board members were required to step down by the age of 72.
The move comes as long-term succession planning, together with recent changes to JSE regulations and a wave of restructurings, has powered a flurry of leadership transitions in the mining industry.
Sibanye’s own former CEO Neal Froneman, aged 65, stepped down in October after more than a decade at the helm.
His successor, Richard Stewart, is in his late 40s, while Sibanye’s CFO Charl Keyter is 51.
Last month, African Rainbow Minerals announced a major shift in its board as founder Patrice Motsepe stepped down from his role as chairperson.
Reuters reported that the move aimed to align ARM with new JSE rules which bar persons chairing boards from performing executive functions as part of a broader effort to simplify listing requirements.
In early 2025, Harmony Gold saw Beyers Nel taking over as CEO and executive director, replacing Peter Steenkamp after nine years in the role.
Additionally, Copper 360 last month announced a surprise leadership shuffle, with CEO Graham Briggs, who previously led Harmony Gold, and commercial executive Stephan du Plessis taking a “leave of absence with immediate effect”. COO Gordon Thompson has acted as CEO in the meantime.
Stewart, the fresh face at Sibanye’s helm, has laid out plans for significant shifts in the company’s capital allocation framework since his appointment.
In his first major presentation as CEO, he told shareholders that his “back to basics” strategy will target paying off debt and investing in the existing portfolio rather than inorganic growth.
Business Day
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