Posted to the web on: 13 May 2005
Sexwale tipped for Gold Fields post
John Fraser
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Resources Editor
MVELAPHANDA’s Tokyo Sexwale is being tipped as the next Gold Fields chairman, and could take up the post within weeks.
The appointment of a black chairman would help Gold Fields display its commitment to empowerment at a politically sensitive time, when other leading companies such as Sasol have been criticised for retaining a whites-only leadership.
Sexwale is well-connected politically, which could be helpful to Gold Fields as the group continues its planned offshore expansion. He also has impeccable connections in Moscow, which would help Gold Fields repair its relationship with its biggest shareholder, Norilsk Nickel of Russia.
The position of Gold Fields chairman is expected to become vacant after the end of next week, when Harmony is set to admit defeat in its bid to gain control of Gold Fields.
Incumbent chairman Chris Thompson had said he would stand down once Gold Fields was no longer under threat of a hostile takeover.
He had been due to resign at the end of last year to head a new company that was to be formed by a merger between Gold Fields’ offshore assets and IAMGOLD of Canada, but this plan was turned down by Gold Fields shareholders.
“Chris has on a number of occasions indicated his desire to move on after the Harmony bid has been defeated,” said Gold Fields spokesman Willie Jacobsz.
“This is a matter between Chris and the Gold Fields board, and he will, at the appropriate time and in consultation with the board, revisit the matter.
“Obviously this will only happen once an appropriate successor has been identified,” he said.
A Johannesburg gold analyst said yesterday that Sexwale, who sits on the Gold Fields board, would be “the obvious choice, if he has the time to take on the extra burden”.
If Sexwale were not to become chairman, another strong contender would be Jakes Gerwel, who is also a nonexecutive director of Gold Fields.
A board reshuffle might also lead to Gold Fields offering a seat or two to Norilsk, as a way of cementing the relationship between Gold Fields and its important Russian shareholder.
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