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De Beers’ chief executive officer (CEO) Gareth Penny has announced his resignation, ending five years at the helm of the diamond mining group. After overseeing the response to the global financial crisis and the company’s subsequent recovery, Penny has advised the board that he believes it is an appropriate time for him to step down, the De Beers Group said in a statement issued over the weekend. While the board noted Penny's “substantial contribution”, Nicky Oppenheimer, Chairman of De Beers Group, praised him as a “passionate and effective leader”. Meanwhile a process “is underway to identify a successor, during which time Stuart Brown (Chief Financial Officer) and Bruce Cleaver (Chief Commercial Officer) will serve as acting joint-CEOs” until a new CEO is appointed.

The board thanked Penny for his substantial contribution to De Beers during his 22 years with the company. Penny joined Anglo American Corporation (ACC) in 1988. He served as personal assistant to Julian Oglivie Thompson, then chairman of both Anglo American and of De Beers. He went on to set up, for Debswana Diamond Company, the Teemane diamond cutting factory in Serowe. He was then appointed the manager of De Beers Strategic Review. In July last year he succeeded Ralfe as managing director of Diamond Trading Company (DTC) and has played a leading role in the successful implementation of Supplier of Choice, De Beers new sales and marketing strategy.