Chris Griffith resigns as Gold Fields CEO after failed Yamana deal

Gold Fields CEO Chris Griffith has resigned in the wake of the company’s failed bid to acquire Canadian precious metals miner Yamana Gold.

Griffith was appointed CEO in April 2021. He was previously CEO at Anglo American Platinum and Kumba Iron Ore

“We thank Chris for the commitment and dedication he showed as CEO of Gold Fields, especially during the Yamana transaction,” Gold Fields chair Yunus Suleman said in a statement on Tuesday morning.

“We were all disappointed that the Yamana deal did not go through, as we felt it was a compelling deal which would have created a strong company and created value for all our shareholders.

“The company is performing well, delivering strong shareholder returns and we continue to deliver on the strategy including growing the value and quality of our portfolio of assets.”

Griffith said that he and the board agreed that the company’s strategy, including growing the value and quality of its portfolio, should continue. 

“But we also felt that the Yamana setback should not be allowed to impede the company’s strategy. So, as CEO I felt that I should take responsibility and allow the company to move forward under new leadership unencumbered by the Yamana transaction,” he said. 

“I want to thank the board for the opportunity to lead the successful company that is Gold Fields, and to have worked with them to help refine its strategic direction.”

Gold Fields South Africa’s executive vice president Martin Preece was appointed interim CEO and will join the board effective 1 January.

In November Gold Fields said it had “terminated the arrangement agreement” in terms of an all-share bid for Yamana. This followed just hours after the Yamana board  – which had previously advised its shareholders to support the Gold Fields deal – recommended that shareholders vote against the transaction after it received a “superior” cash and share offer from Pan American Silver and Agnico Eagle Mines.

Gold Fields declined to revise its offer, which it maintained was financially and strategically superior. Yamana was then required to pay Gold Fields a termination fee of $300 million (R5.2 billion).