Media coverage

4 February 2014

CoAL appoints David Brown as CEO and executive director

Author: Nick Hedley

COAL of Africa (CoAL) said on Tuesday that David Brown had officially been made CEO and executive director of the company, effective February 1.

Mr Brown, who has been serving as CoAL's nonexecutive chairman and interim CEO, formerly worked at platinum group metals giant Impala Platinum Holdings (Implats) for almost 14 years in the capacity of both chief financial officer and CEO.

He was appointed nonexecutive chairman of CoAL effective August 2012, and was subsequently appointed as acting CEO in June last year.

CoAL is a fraction of the size of Implats, with a market capitalisation of about R1.1bn compared with Implats's value on the JSE of R72bn. During Mr Brown's tenure at Implats, its share price rose from R8.64 to R131.96.

Mr Brown also serves as a non-executive director at both Vodacom Group and Edcon, and is also a member of the Accenture South African Advisory Board.

Meanwhile, Bernard Pryor has been appointed as CoAL's interim chairman, effective February 1. CoAL said the search for a chairman had begun.

Mr Pryor, who was appointed as an independent nonexecutive director of CoAL in August 2012, is CEO of African Minerals and until recently was CE of Q Resources.

Between 2006 and 2010 he held senior executive positions within Anglo American as head of business development, and CEO of Anglo Ferrous Brazil.

Mr Pryor said CoAL "now has the ability to build on the significant progress that has been made over the last 12 months".

"David brings substantial South African mining experience and has been instrumental in defining the CoAL turnaround strategy and commencing its implementation.

CoAL's share price was down 3.67% at R1.05 late on Tuesday afternoon.