African Rainbow Minerals (ARM) said on Monday its founder Patrice Motsepe has relinquished his executive role at the group to comply with new rules of Africa’s largest bourse.
Motsepe, who has served as ARM’s executive chair since founding the diversified miner in 2003, will become non-executive chair from February 16, the company said in a statement.
It said the move aligns with new Johannesburg Stock Exchange rules that came into effect on Monday which bar persons chairing boards from performing executive functions, part of wider measures aimed at simplifying listing requirements.
“I look forward to continue contributing to the global competitiveness of ARM in my new capacity as non-executive chair,” Motsepe was quoted as saying in the statement.
The change comes as the JSE seeks improved corporate governance with stricter separation between executive and non-executive roles.
Shares of the miner last traded flat at 3pm GMT.
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