Rockwell Diamonds Inc. said that James Campbell, the Chief Executive Officer, has tendered his resignation and in an unrelated development, that Stephen Dietrich and Rick Menell have also tendered their resignations as directors. A special board committee undertook a strategic review on August 28 with the aim of evaluating the positioning of Rockwell as well as the effectiveness of defined strategies that were recently implemented by the company.
"This review included the performance of its Remhoogte acquisition, which has been below plan, and the construction of the new Wouterspan plant that is behind schedule with a higher cost," the firm said in a statement "Notwithstanding this, the first phase of the wet plant at Wouterspan, being the first two of four circuits, is substantially complete and diamond grades are in line with expectations. The board also carried out a management review following the recent exit of two senior managers. The board determined that further intervention on operations and plant completion was necessary, while new opportunities are being assessed."
Campbell will be leaving at the end of November, however he will remain a director working closely with the board and the newly appointed Executive Officer Tjaart Willemse. Meanwhile, two non-executive directors also resigned: Stephen Dietrich for personal health reasons and Rick Menell for reasons relating to his already demanding schedule. They will be replaced by Richard Mhlontlo who will represent Rockwell’s Black Economic Empowerment (BEE) shareholder.