Penny: I’m Leaving the Diamond Industry

Gareth Penny will leave the diamond industry all together after he steps down as CEO of De Beers. Penny told IDEX Online his departure will not affect negotiations with Botswana over the renewal of its five-year marketing agreement.

Following his announcement on Friday that he will leave De Beers in the coming months, Penny said he will continue full time in the third quarter and part time in the fourth quarter as De Beers Chairman Nicky Oppenheimer leads the search for a new CEO.

Penny, 48, plans to take some time off, adding he has a number of options, though, “I’m not focusing on that now, I’m focusing on De Beers,” he added. Penny plans to leave the diamond industry, saying, it won’t be appropriate for him to stay in the industry.

Until a new CEO is appointed, CFO Stuart Brown and Chief Commercial Officer Bruce Cleaver will serve as acting joint-CEOs.