| Mon 4 Mar 2002, 0:00 | | Cockerill To Succeed Thompson As Chief Executive O |
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Limited
MEDIA RELEASE
Johannesburg 4 March 2002: The Board of Directors of Gold Fields Limited
(JSE-GFL and Nasdaq-GOLD) today announced that, in fulfilment of a planned
succession, Ian Cockerill will succeed Chris Thompson as Chief Executive
Officer of Gold Fields with effect from July 1, 2002. Chris will continue
as non-executive Chairman of the Board.
Ian joined Gold Fields in September 1999 as Managing Director and Chief
Operating Officer and has played a key role in devising and implementing
plans to improve the operating performance of Gold Fields' mines and to
ensure their continuing improvement into the future.
"Ian has done a fantastic job of pulling this company together and to get it
working properly. He's a great leader and strategist and is well equipped
and ready to take on his new role. He has extensive experience in corporate
development and exploration from his earlier career, as well as an
outstanding track record as a mine operator, " said Chris. " He will be a
great success, I'm sure."
Chris and Ian have worked extremely effectively as a team so it pleases the
Board to announce that Chris has agreed that, in his new role as non-
executive Chairman, he will make up to half his time available to the
company for a period of two years. Chris' advice in the areas of corporate
development, exploration, investor relations and marketing, including
platinum group metals, will be particularly valuable. Chris will maintain an
office and home both in South Africa and in Denver in the United States.
Commenting on his proposed retirement as Chief Executive Officer, Chris
said: "I was brought to Gold Fields to put this newly formed company onto
its feet and a path of internationalisation. Originally contemplated to take
less than three years, the job has taken four, but we are firmly on our way
and I consider my job mostly done. Ian can now take Gold Fields to its full
potential as a global leader in the precious metals business".
Ian said: "I am highly excited yet mindful of the trust that Chris and the
Board of Gold Fields have put in me. I aim to build on the foundation that
he has established and will strive to serve Gold Fields, its shareholders
and employees with the same integrity, commitment and innovation that he
brought to the Company."
When Chris joined Gold Fields in the third quarter of 1998, the Company had
attributable production of 2.8 million ounces a year and a market
capitalisation of about R7 billion. Today it is producing at a rate of 4.7
million ounces a year and has a market capitalisation approaching R50
billion. Over 35% of production is now from non South African sources with
significantly more potential available from the Arctic Platinum discovery in
Finland, which continues to grow in its importance to Gold Fields. More
than 50% of Gold Fields' shares are now held outside South Africa.
The decision to separate the roles of Chairman and CEO brings Gold Fields
into line with the recommendations of the King Commission on Corporate
Governance, without negatively affecting the strength of the management
team. Gold Fields has a 10 person Board of Directors, seven of whom are
independent non-executive directors. The corporate governance practices of
Gold Fields now conform in all material respects to best practices observed
in South Africa, the United States of America and the United Kingdom.
Gold Fields Limited produces approximately 4.7 million ounces of gold
annually from operations in South Africa, Ghana and Australia. The company
has proven and probable reserves of approximately 84.5 million ounces and
resources of approximately 150.7 million ounces. It also has a 51% stake in
an advanced stage exploration project, the Arctic Platinum Partnership, in
Finland. Gold Fields trades on the Johannesburg Stock Exchange (GFI) as well
as on the NASDAQ (GOLD), London, Paris, Brussels and Swiss stock exchanges.
-end-
