Petra Names New Chairman

RAPAPORT... Petra Diamonds has appointed Peter Hill as non-executivechairman, succeeding company founder Adonis Pouroulis, who is stepping down,the company said Tuesday. Hill is currently non-executive chairman of geotechnicalcontractor Keller Group and of building-products company Volution Group. Hewill begin with the miner as non-executive director and chairman-designate onJanuary 1, and will become non-executive chairman on March 31, when Pouroulisleaves. Hill has also worked at Anglo American and Rio Tinto. "[Peter] brings an impressive track record of chairmanshipsand board memberships across a range of global companies, industries andorganizations, built on his earlier career in the mining industry, including southernAfrica, in underground and open-pit operations," said Pouroulis. "I ampersonally delighted that someone of Peter's caliber and experience will besucceeding me as chairman." The move is part of the last phase of Petra's three-yearsuccession plan, which is entering its final year. The plain aims to establishPetra as a leading independent diamond producer, and has included a review ofits board, committee and senior-management structures. Richard Duffy was hiredas CEO to replace Johan Dippenaar earlier this year. Pouroulis founded the company in 1997. However, at an annual general meeting in March, more than 22% of Petra's shareholders voted to ousthim as chairman. Petra decided to keep him at the time to ensure stability while a new CEO came on board. Image: Peter Hill. (Petra Diamonds)