Richard Stewart, currently the chief regional officer for Southern African operations at Sibanye-Stillwater, has been named CEO-designate, effective March 1. The company confirmed earlier reports that its founding CEO, Neal Froneman, who has helmed the firm for 13 years, will retire later this year.
Froneman, aged 65, is expected to step down in September, leaving Stewart to assume additional responsibilities while continuing in his existing role. The board, which evaluated candidates both from within and outside the organization, selected Stewart as the clear choice to lead the company forward.
Stewart’s tenure at Sibanye-Stillwater began in 2014, where he was instrumental in shaping and implementing the group’s strategy. His role as executive vice president of business development contributed to the firm’s venture into platinum group metals, a move that reshaped the company’s market positioning. 
His appointment comes at a time when Sibanye-Stillwater, which has weathered significant market challenges in recent years, is looking to maintain its competitive edge despite volatile PGM prices and evolving industry dynamics.
In his new capacity, Stewart is expected to replicate the operational turnaround seen at Kiniero under Froneman’s leadership, a period during which resource estimates at the mine expanded from 1.5 million to 3.5 million ounces. Stewart’s mandate now includes overseeing the company’s broader strategic initiatives and ensuring that the firm continues to deliver value to its shareholders in a sector marked by rigorous competition and fluctuating market conditions.
Chairman Vincent Maphai commented on the transition, noting that while Froneman continues to exhibit the same drive and enthusiasm for his work, his desire to spend more time with family and pursue personal interests made this change inevitable.
Maphai praised Froneman’s legacy, emphasizing his role in turning around troubled operations, executing key acquisitions such as the multi-billion rand takeover of Stillwater Mining in 2016, and facilitating a rights issue that remains one of the largest on the JSE.
Froneman’s career, which includes notable tenures at JCI, Gold Fields, and Harmony Gold, has been characterized by a pragmatic approach that has served him well in South Africa’s demanding mining environment.
His early efforts at Sibanye-Stillwater, then known as Sibanye Gold, laid the groundwork for a series of strategic moves—from cost-cutting measures and margin improvements to an aggressive acquisition strategy that has reshaped the company’s asset base. His leadership helped drive key transactions, including the acquisition of the Rustenburg operations from Anglo American Platinum and the critical turnaround of Lonmin during a period of financial distress.
