Sibanye-Stillwater CEO Froneman to retire

Neal Froneman, the founder and longtime chief executive officer of Sibanye-Stillwater (JSE: SSW) (NYSE: SBSW), will retire at the end of September after 12 years at the helm.

He will be succeeded by Richard Stewart, current head of the company’s operations in Southern Africa, who will assume the role of CEO-designate starting March 1 while continuing his regional responsibilities.

Froneman, 65, has led Sibanye since its inception in 2013, when the company—then known as Sibanye Gold—was formed through the consolidation of three old Gold Fields mines. Under his leadership, Sibanye transformed into a diversified mining giant with gold and platinum group metals (PGM) operations across Southern Africa and the United States.

“Neal leaves behind a proud legacy at Sibanye-Stillwater and in the South African mining industry, which is testament to his strategic vision and inspirational leadership,” board chair Vincent Maphai said in a statement.

“He still has the same enthusiasm for what he does, and has lost none of his drive [but] wishes to spend more of his time with his family and loved ones and on his many interests.” 

During his tenure, Froneman expanded Sibanye-Stillwater into critical minerals, notably lithium, through the acquisition of a stake in Finland’s Keliber Lithium project, a joint venture with the Finnish government. The company is also involved in the Rhyolite Ridge lithium project in the US.

Sibanye has further diversified into zinc, acquiring Australia’s Century mine after taking over local producer New Century Resources in 2023.