Lucapa Diamond Company has announced that its MD and CEO, Stephen Wetherall, will step down at the end of this month.
The board has resolved that Nick Selby, appointed as Executive Director Operations in September 2017, will be appointed as Interim CEO on Wetherall’s exit, and continue in the role while an executive search for a new CEO and MD is undertaken.
Selby’s material terms of employment will be unchanged from those disclosed in the company’s 2022 Annual Report.
As outgoing CEO, Stephen Wetherall will continue to work closely with Selby and the management team to ensure a smooth transition.
Following the end of his employment, the company intends to engage Stephen Wetherall independently as a consultant and on arm’s length commercial terms to continue to further the company’s diamond marketing and downstream initiatives.
Lucapa Chairman, Miles Kennedy stated, “On behalf of the board, I would like to thank Stephen for his unwavering commitment to this company and advancing our vision.
“Stephen joined the company in 2014 and during this time has helped Lucapa grow and transform from a pure exploration company into an integrated multi-asset diamond group with niche high-value assets spanning exploration, mine development and production while at the same time establishing quite unique multi-channel marketing streams for our mines to derive both value at the rough mine gate as well as downstream value.
“Stephen has been an integral part of Lucapa’s growth, I wish Stephen all the best with his new ventures and look forward to our continued association.”
Outgoing CEO, Stephen Wetherall said, “I have thrived on the challenges put to me by the board and shareholders and have together with our valued teams worked hard to build on our vision.
We have together navigated the company successfully through a difficult pandemic, repaid all the project interest-bearing debt, successfully delivered, and expanded two mining operations now generating solid margins, positioned the company for growth with future production from Merlin and our kimberlite exploration program at Lulo is at an advanced and exciting phase.
“This is an appropriate time for me to take on other challenges and whilst I step aside, it is with a lot of pride, that I leave a group of exceptionally experienced and talented people to continue to advance Lucapa’s vision. I look forward to our continued association and watching them continue to deliver.”
