Under his direction, Gold Fields kicked off plans to expand into North America, beginning with the attempted acquisition of Yamana. Two Canadian miners, Agnico Eagle Mines and Pan American Silver, teamed up in late October and put higher bid on the table, finally trumping Gold Fields’.
Martin Preece, 54, who runs the company’s South Deep gold mine in South Africa, will take the role of interim CEO, while the board searches for a new boss.
“The Yamana setback should not be allowed to impede the company’s strategy,” Griffith said in an emailed statement. “As a CEO I felt that I should take responsibility and allow the company to move forward under new leadership unencumbered by the Yamana transaction.”
“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,” chair Yunus Suleman noted.
