Sibanye-Stillwater CEO calls it a day

Neal Froneman will retire as the CEO of Sibanye-Stillwater effective 30 September 2025.

Richard Stewart, who is currently the Chief Regional Officer for the Southern Africa region, will take over from Froneman as CEO and executive director.

Stewart will also be appointed as CEO designate and executive director from 1 March 2025, while continuing his CRO: SA region responsibilities.

“Richard’s appointment follows an independent, best practice succession process overseen by the Board, during which several external and internal candidates with appropriate industry credentials and experience were critically assessed for the role,” said Sibanye-Stillwater.

“Richard’s appointment is a testament to the quality and depth of leadership at Sibanye-Stillwater and the well-considered and effective Group succession planning processes.”

Stewart joined the group in 2014, becoming a key member of its senior leadership team.

He has held several executive roles since joining the group, including Chief Regional Officer for Southern Africa from 31 May 2022, Chief Operating Officer from 1 December 2020 and, before that, the executive vice president of business development.

During this, he was essential to the group’s strategic growth in the PGM sector.

Froneman led the Sibanye-Stillwater Group since 2013.

According to Vincent Maphai, Chair of the Sibanye-Stillwater Board, he guided the initial turnaround of the three mature, challenging gold mines that the Group inherited from Gold Fields.

“From the significantly more profitable and stable base that was established, he subsequently drove the strategic growth and diversification of the Group into what it is today – a multinational mining and metals processing company with a diverse portfolio,” he said.

“I, along with many of my fellow Board members, have travelled this incredible journey with Neal, and I know that my admiration for Neal’s strategic leadership and moral candour during his tenure and gratitude for his unwavering commitment is shared by all.”

Maphai welcomed Stewart’s appointment, expressing confidence that the internal succession “will ensure continuity and a seamless leadership transition, allowing Richard and the Sibanye-Stillwater leadership team to take the Group to new heights and continued creation of shared value for all stakeholders.”

In addition to his role at Sibanye-Stillwater, Froneman has been the Chairman of the World Gold Council and co-led the Crime and Corruption workstream for business in South Africa.

Froneman’s final years at the group experienced extreme challenges, with the group reporting a R37.9 billion loss in 2023 after taking an impairment against its US palladium mine.

The group also laid off well over 5,000 jobs at its Platinum Group metal operations amidst a global drop in price.

Froneman’s pay was dramatically cut from R290 million in 2021 to R56 million by 2023 amidst the group’s struggles.

That said, Froneman still pocketed over R95 million in the first half of 2024 after he exercised a put option at a strike price of R66.24, while the share price stood at just over R18.