South32 chair Karen Wood to retire in 2026; Stephen Pearce appointed successor

Diversified mining and metals company South32 has announced that its chair, Karen Wood AM, will retire from the Board in February 2026, marking the end of an eight-year tenure that has overseen significant portfolio transformation and progress on sustainability.

Following a formal succession process, the board has elected Stephen Pearce to succeed Wood as chair, effective February 2026.

Pearce joined the board as an independent non-executive director in February 2025 and brings over three decades of financial and commercial experience in the global resources sector.

Wood joined the South32 board in November 2017 and was elected chair in 2019. During her tenure, she served on the remuneration, sustainability, and nomination and governance committees, providing what the company described as “exceptional leadership and strategic oversight” through South32’s shift towards commodities critical to the global energy transition.

The company said the timing of the chair succession will allow Pearce to work closely with CEO Graham Kerr through 2026 before Kerr steps down later in the year, ensuring continuity in leadership during the upcoming CEO transition.

“It has been a great privilege to lead the board of South32 since 2019 and to have guided the company’s transformation over the past eight years,” Wood said. “I am incredibly proud of the work we have done to deliver on our strategy and create enduring social, environmental and economic value.”

Wood added that the company’s strategic repositioning has aligned its portfolio with commodities essential to a low-carbon future, noting that Pearce’s appointment comes at “a pivotal time” as South32 enters its second decade.

"We recognise the challenge our industry faces in supplying minerals and metals critical to the world's energy transition and doing so in a way that leaves a positive legacy. We've confronted this challenge by repositioning our portfolio towards these commodities which will be essential as we move to a low-carbon future," she said.

“Stephen’s extensive financial and commercial acumen, combined with his strong leadership and industry experience, makes him the right person to lead the board.”

Pearce said it was an honour to be appointed chair and praised Wood’s “tremendous work” in reshaping South32 to capture growing demand for base metals.

“We have been fortunate to benefit from Karen’s wealth of knowledge, strong governance and purpose-driven approach,” Pearce said. “Under her leadership, South32 is well placed for the future. I look forward to working with the Board and the Lead Team as we continue to sustainably reshape our business and discover our next generation of base metals mines.”

Pearce has more than 20 years’ experience as a director of public companies and over 35 years of financial and commercial experience across the mining, oil and gas, and utilities industries.

He previously served as Group chief financial officer and executive director at Anglo American plc, a role he held for nearly seven years, as well as Group CFO and executive director at Fortescue Metals Group, and CFO at Alinta Energy.

BUSINESS REPORT