It’s a change of guard for Anglo American’s subsidiary De Beers after it announced yesterday it had appointed Al Cook as CEO and Bruce Cleaver, the diamond firm’s current CEO, as its co-chairman. Picture: Reuters
It’s a change of guard for Anglo American’s subsidiary De Beers with the appointment of Al Cook as CEO and Bruce Cleaver, the diamond firm’s current CEO, as its co-chairman.
In a statement yesterday, the group said both appointments would be effective from early 2023.
According to the company, Cleaver has decided to step back after six years, to a non-executive role.
Duncan Wanblad, the CEO of Anglo American and chairman of De Beers Group, said: "Together with our partners in De Beers, we congratulate Al Cook on his appointment. Al Cook brings over 25 years of international leadership experience, gained predominantly at BP and Equinor, most recently leading Equinor’s multi-billion dollar global E&P business across Africa, the Americas and Europe".
He said Cook previously led Equinor's global strategy and business development, developing the company’s net-zero strategies.
"I believe Al’s multi-disciplinary strategic skillset and strong personal conviction and values are ideally suited to the nature of De Beers, a global business that spans much of the spectrum from exploration and mining to Bond Street and Madison Avenue,“ he said.
Cook, who will lead the company - which has a primary listing on the the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange, and the SIX Swiss Exchange - said: “I am honoured to have the opportunity to lead the company behind the world’s leading diamond brand – De Beers.
“I look forward to working closely with De Beers’ people, customers, governments, and other stakeholders to ensure that De Beers continues to lead the industry and deliver sustainable and purpose-driven value".
He said that throughout his career, he had been passionate about bringing enduring economic, social, and environmental value to host countries and communities.
"I deeply recognise the importance of De Beers' approach to responsible mining – most notably in Botswana, Namibia, and South Africa. It is our responsibility to work with the industry to continue to fulfil the true promise of diamonds.”
On Cleaver's tenure, Wanblad said the outgoing CEO had led De Beers with distinction, evolving the company’s strategic vision.
"He has successfully steered De Beers through a period of considerable change over the last six years, including leading the way through technology to provide consumers with absolute assurance of the ethical provenance of their diamonds," Wanblad said.
He said Cleaver had successfully expanded De Beers’ horizons for the longer term and reinforced the company’s unquestioned leadership position, exemplified by De Beers’ Building Forever sustainability framework to ensure an enduring positive diamond legacy.
"I look forward to his contribution as co-chairman, ensuring the greatest continuity for the business and our partners and stakeholders,“ Wanblad said.
Cleaver said he was proud of what the company had achieved during this period.
"Despite the major challenges we have faced along the way. I believe the diamond industry in general, and De Beers Group in particular, have a hugely exciting future ahead, and I look forward to working closely with Al and the leadership team to ensure we continue to take the business and the industry to new heights.”
In its latest result released on July 28, De Beers, which is 85 percent owned by Anglo American, said in the six months to June 30, its rough diamond production increased by 10% to 16.9million carats, reflecting strong operational performance and higher planned levels of production to meet continued strong demand for rough diamonds.
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