JOHANNESBURG (miningweekly.com) – JSE-listed Wesizwe Platinum on Wednesday announced that the company's CFO Arthur Mashiatshidi would take over as CEO on October 1, succeeding founding CEO Mike Solomon, who has resigned.

Mashiatshidi will be succeeded by Jacques de Wet, who will assume the role of financial director.

Solomon would continue to serve the company in an advisory capacity for a further six months and would remain as a nonexecutive director.

He resigned despite being cleared by the board of various allegations, following an independent forensic investigation.

Wesizwe chairperson Dawn Mokhobo thanked Solomon for his contribution to the company over the last six years. "Solomon was part of the founding team of Wesizwe and has been instrumental in building the company into what it is today, from the drilling of the initial exploration boreholes, to its pioneering move to engage a community as the single-largest shareholder, which followed the company's listing on the JSE."

Solomon said that it was an "extremely difficult" decision for him to step down and not oversee the sinking of the shafts at its Frischgewaagd-Ledig project, having been with the company from its early exploration to the onset of the fully funded capital development of one of the "finest new projects in the platinum industry".

"However Wesizwe is undergoing a fundamental transition in its format and operational requirements, and it needs a fresh team with different attributes to take the project forward."

Meanwhile, Mokhobo said that Mashiatshidi had played a key role in rebuilding the executive team at Wesizwe and bolstering the finance and administrative function, including the implementation of sound governance practices and policies.

"He has also played a broader strategic role within the organisation and led the team that is currently in the final stages of negotiating a significant transaction with a Chinese consortium to provide Wesizwe with a fully funded solution to develop its Frischgewaagd Ledig project."

Mokhobo said that the Wesizwe board was looking forward to Mashiatshidi and De Wet's contribution as the team positioned itself to deliver on its business strategy.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.