Management changes at Acacia

Acacia has announced the resignation of chief executive officer, Brad Gordon and chief financial officer, Andrew Wray.

Both Gordon and Wray will remain with the company until the end of the year to ensure a smooth transition. Gordon will be returning to Australia for family reasons, while Wray is pursuing other opportunities.

Brad Gordon
Brad Gordon, outgoing CEO
Image credit: Acacia

Commenting on the changes, Kelvin Dushnisky, chairman of Acacia says, “Brad and Andrew have been instrumental in the operational and financial turnaround of Acacia over the past four years and on behalf of the board and the company, I would like to extend our sincere thanks to both of them for their contributions. We wish them all the best for the future.”

The Acacia board announced the appointment of Peter Geleta, currently Acacia’s head of organisational effectiveness, as interim chief executive officer. Jaco Maritz, currently Acacia’s general manager of finance, will be appointed chief financial officer. Both appointments will be effective from 1 January 2018.

Andrew Wray
Andrew Wray, outgoing CFO
Image credit: Acacia

Geleta (54) has 35 years of mining industry experience in both operational and corporate leadership positions, primarily in Africa. Prior to joining Acacia, Geleta held senior roles at AngloGold Ashanti (25 years) and Barrick Gold Corporation. He joined Acacia in May 2012 as vice president, organisational effectiveness. Since then, Geleta has been a key member of the executive team of Acacia and an integral part of the company’s turnaround. During his time with Acacia, Geleta has also served as general manager of the Bulyanhulu mine and helped lead the successful restructuring of the business. He holds an executive MBA qualification from the University of Cape Town.

Maritz (42) has been with Acacia and its predecessor companies since 2001 in a range of increasingly senior finance roles covering all aspects of the finance function. He was initially employed by Placer Dome, which was acquired by Barrick in 2006, and was part of Acacia at its inception. In 2013, Maritz spent six months acting as chief financial officer for the business, prior to the appointment of Geleta. Maritz is a member of the South African Institute of Chartered Accountants.

“We are equally confident that Geleta and Maritz will move seamlessly into their new roles. Geleta demonstrated leadership skills, combined with his all-around abilities and strong experience across all aspects and all levels of the African mining industry will be an important asset for Acacia. Maritz’s expertise and long history with the company make him the natural successor for Geleta,” adds Dushnisky.

In addition to assuming the role of Interim CEO, Geleta will also replace Gordon on the board of directors at the end of the year. As a result, the board will continue to consist of 7 directors, with one executive director, four independent non-executive directors and two non-executive directors.

“The board will continue to provide the management team with our full support as the company focuses on delivering against our operational targets, which remain unchanged from the Q3 results, while seeking a resolution to the situation in Tanzania,” concludes Dushnisky.


 

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