Table of Contents
Key Points
- Sibanye-Stillwater CEO Neal Froneman will retire in September, ending a 12-year tenure that transformed the company into a global mining leader.
- Richard Stewart, currently Chief Regional Officer for Southern Africa, will take over as CEO-designate in March 2025, ensuring leadership continuity.
- Sibanye faces rising costs and weaker metal prices, posing challenges for incoming CEO Stewart as he navigates the company’s next growth phase.
Sibanye-Stillwater has announced that its longtime CEO, Neal Froneman, will retire at the end of September, having reached the company’s mandatory retirement age of 65. Froneman, one of South Africa’s leading mining executives, has led the company since its formation in 2013. His departure marks the end of a transformative chapter for the multinational mining group.
The company, in compliance with Johannesburg Stock Exchange (JSE) listing requirements, confirmed that Richard Stewart, currently Chief Regional Officer for Southern Africa, will take over as CEO. Stewart will step into the role of CEO-designate on Mar. 1, 2025, while continuing his existing responsibilities. His appointment follows a comprehensive succession process overseen by the board, which evaluated both internal and external candidates.
Froneman’s legacy and the challenges facing mining
During his 12 years at the helm, Froneman transformed Sibanye from a local gold miner into a global force in precious metals. Through a string of strategic acquisitions, he built the company into the world’s largest producer of platinum group metals (PGMs) and a top player in PGM recycling. He also pushed into battery metals and tailings reprocessing, keeping pace with global sustainability efforts.
However, his final year at the helm reflected the broader struggles in South Africa’s mining sector. Rising costs, labor unrest, and volatile commodity markets have weighed on profitability, posing challenges for miners across the country.
Sibanye-Stillwater Chair Vincent Maphai praised Froneman’s impact: "Neal leaves behind a financially and operationally sound business with a clear strategy. His leadership in transforming Sibanye-Stillwater into a global mining leader has been extraordinary."
Beyond his role at Sibanye-Stillwater, Froneman remains a key figure in the mining industry, serving as Chairman of the World Gold Council and co-leading initiatives to combat crime and corruption in South Africa.
What’s next for Sibanye-Stillwater?
With operations in South Africa and gold and base metal projects in the Americas, Sibanye-Stillwater remains a major player in the global mining industry. Froneman, who played a central role in its transformation into a top producer of platinum, palladium, and gold, holds a 0.12 percent stake—equivalent to 3,284,428 shares—in the company.
Like the rest of the PGM industry, Sibanye is grappling with rising costs, along with weaker metal prices. As the company navigates these pressures, Richard Stewart is expected to provide stability and continuity in its leadership. A key figure at Sibanye-Stillwater since 2014, Stewart has served as Chief Operating Officer and EVP of Business Development, making him well positioned to guide the company through its next chapter.
