CEO Quits as Petra Announces $69m Loss
February 18, 25
(IDEX Online) - Petra Diamonds announced the resignation yesterday (17 February) of its CEO Richard Duffy, on the same day it posted a $69m net loss for the half-year to December 2024.
Duffy left "by mutual agreement and with immediate effect," the company said, though it gave no reason for his departure.
Petra operates the Cullinan and Finsch mines in South Africa and Williamson in Tanzania, which is currently being sold. It sold its interest in Koffiefontein, in South Africa, last October.
The UK-based company has been struggling amid the ongoing slump in global demand. It saw like-for-like prices drop by 7 per cent at its last tender of 2024, it cut its pricing assumptions for next year and it has announced 200 possible job losses.
Petra said yesterday that it had appointed two interim CEOs to replace Duffy - Vivek Gadodia for corporate matters and Juan Kemp for operational matters.
Jose Manuel Vargas, Petra's chair, paid tribute to Duffy, who was appointed CEO in 2019. "On behalf of the board, I would like to thank Richard for his hard work and dedication as CEO we wish Richard all the best for the future."
Duffy said: "It's been an honour and a privilege to serve Petra for the past almost six years. I would like to thank the Petra team and my fellow directors and wish Petra every success going forward."
In the interim results for the six months to 31 December, the new CEOs said the sale of Koffiefontein and the planned sale of its interest in Williamson, together with its ongoing restructuring plans "are intended to ensure that Petra is a focused, resilient company able to withstand pricing weakness, while positioning for upside in stronger markets."