JSE-listed African Rainbow Minerals (ARM) has announced several changes to its board and the composition of two ARM board committees.
After serving as a nonexecutive director for five years and FD for eight years, Michael (Mike) Arnold is stepping down from the board.
Further, ARM Platinum CE Hamilton Luthando Mkatshana will continue in his current position but will step down as an executive director.
Arnold and Mkatshana will both step down at the close of the forthcoming annual general meeting (AGM).
Further, ARM board member Alexander Komope Maditsi will continue in his current position but will be stepping down from the audit and risk committee at the next AGM and will not stand for re-election to the audit and risk committee.
The ARM board has appointed Brian Kennedy as a member of the investment and technical committee with effect from October 5.
“I would like to thank [Arnold] for his valuable contribution on the ARM board. I have had the honour of working with [him] for many years, including eight years while he was serving as the ARM FD.
"Luthando is doing good work as the ARM Platinum CE. He is stepping down as we are reducing the number of executive directors in line with global best practice.
"I would like to express my gratitude to [Maditsi] for his contributions on the audit and risk committee. I would also like to welcome [Kennedy] as a member of the investment and technical committee. He was Nedbank Corporate and Investment Banking managing executive and brings many years of corporate and business experience,” ARM executive chairperson Dr Patrice Motsepe comments.