London-listed Petra Diamonds has announced that Varda Shine will not stand for re-election at the upcoming annual general meeting (AGM) on November 13, and will retire from the board at the conclusion of the meeting.
Nonexecutive director José Manuel Vargas has been appointed to succeed Shine as chairperson, effective immediately after the AGM.
Vargas will also take on the role of chairperson of the investment committee. Additionally, Bernard Pryor, the senior independent director and current chairperson of the remuneration committee, will become chairperson of the nomination committee.
“I am stepping down from the board for personal reasons, having agreed to serve as Petra’s chair only for a brief period,” said Shine.
“It has been an honor and pleasure to be part of Petra for nearly six years, and to serve as chair over the past year.
During my tenure, Petra faced significant challenges, including the pandemic and a major financial restructuring.
Recently, our focus has been on strengthening the company’s resilience to ongoing market pressures in the diamond sector, supported by updated life-of-mine plans.”
Shine expressed gratitude to her fellow directors and Petra’s management team, wishing the company continued success.
Vargas brings extensive leadership and board experience to the role, currently serving as chairperson of MAXAM, an explosives manufacturer, as well as holding board positions with Fluidra, ASK Chemicals, and Rhône Capital.
He was chairperson and CEO of MAXAM from 2020 until early 2024 and previously led Aena SME through a successful restructuring, partial privatization, and IPO in 2015.
Vargas has held senior roles at companies such as Vocento, where he served as CFO and later CEO, as well as JOTSA and several other organizations.
A significant shareholder in Petra, Vargas currently holds around 11.39% of the company’s issued share capital. “I would like to thank Varda for her service to Petra,” Vargas commented.
“Since joining the board in January 2019, Varda has played a key role in shaping a more efficient board and guiding Petra through difficult market conditions.
On behalf of the board and the company, we express our gratitude for her significant contributions and wish her well in her future endeavors.”
