De Beers CEO: Company's Recovery, Age Factors In Resignation

23rd Jul 2010 09:17

By Robb M. Stewart Of DOW JONES NEWSWIRES JOHANNESBURG (Dow Jones)--De Beers SA Chief Executive Gareth Penny said Friday the diamond producer's recovery from last year's recession and his own age played a role in his decision to step down after five years in the role and 22 years at the company. Penny will turn 48 by the time he leaves at the end of the year, which he said still allows him time for a second leg in his career. "If I leave it longer, then I think that window closes for me," he said in an interview. The company strengthened its balance sheet in March, securing $1 billion in funding from shareholders and refinancing with lenders, and in the first half of 2010 sales of rough diamonds and production were both up strongly. Penny said there are currently no plans to relist De Beers, and that he wouldn't want to speculate. He said an initial public offering is a matter for shareholders, which include Anglo American PLC (AAL.LN). -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] (END) Dow Jones Newswires July 23, 2010 04:17 ET (08:17 GMT)