| Mon 31 Mar 2008, 12:20 | | GFI - Gold Fields - Media Release |
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GFI
GOGOF
GFI - Gold Fields - Media Release
Gold Fields Limited
(Registration Number 1968/004880/06)
("Gold Fields")
Share Code: GFI
ISIN: ZAE000018123
MEDIA RELEASE
Leadership Changes at Gold Fields
TELECONFERENCE
Gold Fields will host a teleconference on Monday, March 31, at 16:30
Johannesburg time, regarding this announcement. Details of the teleconference
appears at the bottom of this press release.
Johannesburg, 31 March 2008. The Board of Gold Fields Limited ("Gold
Fields") (NYSE, JSE, DIFX: GFI) wishes to announce that, after a
distinguished nine years with Gold Fields, the last six as Chief Executive
Officer, Ian Cockerill has decided to step down. He will be joining a company
outside of the gold industry field, the name of which will be announced later
in the week.
Ian will be succeeded by Nick Holland who has been the Chief Financial
Officer of Gold Fields since its inception in 1998. In a complimentary move,
Terence Goodlace, Executive Vice President and Head of South African
Operations, will be appointed to the new position of Chief Operating Officer,
and as a member of the Gold Fields Board. A new Chief Financial Officer will
be recruited to replace Nick.
The Board also wishes to announce that, unrelated to Ian`s resignation, John
Munro, Executive Vice President of Corporate Development, has resigned to
take up the position of Chief Executive Officer of a new uranium company.
John`s executive responsibilities for Corporate Development will be assumed
by Jimmy Dowsley, Senior Vice President for Business Development. In a
supporting move, Juan Luis Kruger, Senior Vice President and Head of
Operations in Peru, will be appointed to the Gold Fields Executive Committee,
to head up South American Operations.
Alan Wright, Chairman of Gold Fields, said: "In his nine years with Gold
Fields, Ian has made a tremendous contribution to the Company. He very
effectively established Gold Fields as a global player with world-class
operations in Africa, South America and Australia, as well as a large
portfolio of exploration projects in all of the major gold provinces of the
world. Particularly valuable, especially at this time, is the excellent
succession strategy that Ian has put in place. Gold Fields` depth of
management is unrivalled in the industry, and made it relatively easy for the
Board to decide on his successor."
"While we are sad to see Ian leave so soon before Gold Fields will start
reaping the rewards of the Cerro Corona project in Peru, which will come into
production by the middle of the year, and the South Deep Project in South
Africa, we respect his decision to move on. We thank Ian for the outstanding
contribution that he has made to Gold Fields, and wish him well in the next
phase of his career," Wright added. "Both Nick Holland and Terence Goodlace
are veterans of the gold mining industry and their depth of knowledge of Gold
Fields specifically and the industry generally, is unrivalled. With the
Holland/Goodlace team at the helm during an exciting growth phase, the future
remains bright for Gold Fields."
Ian Cockerill said: "The decision to leave Gold Fields was not an easy one
but I have always believed that a CEO has a shelf life of about six to seven
years. As Gold Fields enters the next and very exciting phase of its growth
and development, with Cerro Corona and South Deep, as well as the expansion
at Tarkwa, being brought to account, it is time for a fresh hand at the
rudder. As a substantial shareholder I am very comfortable with the new
leadership appointed by the Board."
Nick Holland, CEO Designate of Gold Fields said: "I am both humbled and
energized by my appointment as Chief Executive Officer, at a time when Gold
Fields and its shareholders are poised to reap the benefits of a number of
new gold projects against the backdrop of a higher gold price environment. I
intend to build on the solid foundation which Ian has laid over the past six
years, and to lead Gold Fields to new heights."
Terence Goodlace, COO Designate said: "Gold Fields has in its portfolio some
of the best and most exciting gold assets in the world. My new role is to re-
energize the operational teams so as to ensure that we deliver on our
undertakings to shareholders. In addition to ensuring that the existing
operations perform to their potential, our priorities in the short term are
to deliver the new Cerro Corona mine on time, to complete the Tarkwa
expansion, and to turn the South Deep project to account."
Alan Wright also thanked John Munro for the significant contribution that he
has made to Gold Fields over the years: "On his watch Gold Fields acquired
the St Ives and Agnew mines in Australia as well as the Teberebie and Damang
mines in Ghana. John was also involved in the acquisition of the Arctic
Platinum Project in Finland and the Cerro Corona project in Peru, as well as
the disposal of the Choco 10 mine in Venezuela. He has made a significant
contribution to the shaping of Gold Fields Limited as it is today, for which
we thank him. While we are sorry to see John leave, we also wish him the best
of luck in his new career."
John Munro said: "Gold Fields has been at the centre of my professional life
for the past 21 years. Whilst I have not taken this decision lightly, I feel
it is the right time in my career to take on a new challenge. I wish Nick
and Terence and the rest of the team every success in the future."
All of these changes will be effective as from 1 May 2008.
ends
Enquiries:
Gold Fields Limited Gold Fields Limited Brunswick
Willie Jacobsz Andrew Davidson Rob Pinker/Roderick Cameron
Office: 508-358-0188 Office: 27 11 644-2638 Office: 27 11 502-7300
Mobile: 857-241-7127 Mobile: 082 667-7203 Mobile: 083 326-7794/
082 887-4593
Date: 31/03/2008 12:20:07 Produced by the JSE SENS Department.
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