Tharisa founder and executive chairman Loucas Pouroulis will step down from the board today after more than 16 years as chairman, with the platinum and chrome producer announcing a leadership overhaul as it prepares for its next phase of growth. Mining Zimbabwe can report.
By Ryan Chigoche
Pouroulis will become Founding Chairman Emeritus from October 1, while Lead Independent Director Carol Bell will become independent non-executive chairman. Independent non-executive director David Salter will become deputy chairman.
The changes also see Chief Operating Officer Michelle Taylor appointed Chief Corporate and Commercial Officer, while Roy Murley, currently Executive: Operations at Tharisa Minerals, will become Chief Operations Officer.
The appointments come as Tharisa focuses on the transition of its South African mine from open-pit to underground mining, the development of the Karo Platinum Project in Zimbabwe and greater commercial value creation across the group.
The company said the changes were the result of a structured succession process aimed at establishing independent leadership of the board and strengthening the executive team for the group’s next phase of growth.
Pouroulis founded Tharisa and has chaired the board since October 2010. During his tenure, the company developed from a greenfield project into a large-scale, integrated producer of PGM and chrome concentrates, listed on the Johannesburg Stock Exchange in 2014 and the London Stock Exchange in 2016.
He also oversaw the expansion of Tharisa from a South African operation into a multi-asset, multi-jurisdictional mining group.
“Building Tharisa from a greenfield project into an integrated, multigenerational producer of PGM and chrome concentrates has been one of the great privileges of my career,” Pouroulis said.
“It continues a journey in Southern African mining that began more than six decades ago and has always been driven by a belief in identifying mineral assets with unrealised potential, building capable teams and creating enduring businesses around them.”
Pouroulis said securing Karo Platinum had been a key part of Tharisa’s growth strategy.
“Securing Karo Platinum through many years of perseverance positions Tharisa to become a multi-asset, multi-jurisdictional group for generations to come,” he said.
“Good governance means planning succession well before it is needed, and I am delighted to hand the chairmanship to Carol, who knows this Board and this business deeply. I remain fully committed to Tharisa and look forward to supporting Carol, Phoevos and the team as Founding Chairman Emeritus.”
As part of the transition, Bell will relinquish her position as Lead Independent Director when she becomes chairman, with Salter taking over as deputy chairman.
Bell joined the Tharisa board as an independent non-executive director in March 2016 and has served as Lead Independent Director since October 2021. She currently chairs the Nomination, Remuneration, and Climate Change and Sustainability Committees.
The Nomination Committee oversaw the chairman succession process, with Bell recusing herself from all deliberations concerning her appointment.
Tharisa said the board considered Bell’s more than nine-year tenure and her knowledge of the company in selecting her to lead the board through the transition.
“I am honoured to be asked to serve as Chairman of Tharisa and to follow on from Loucas, whose vision created the Company,” Bell said.
“Tharisa has a long-life asset base, a clear growth pipeline and a strong executive team. My priority is to lead a Board that holds itself to the highest governance standards and supports management in delivering the underground transition at the Tharisa mine and brings Karo Platinum into production in a sustainable way to create long-term value for all stakeholders.”
Salter brings more than 30 years of experience in developing and managing mining companies, including open-pit and underground PGM operations.
His previous listed-company roles include chairman of Keaton Energy until its sale to Wescoal in 2017 and managing director of Eland Platinum until its sale to Xstrata in 2007.
The executive reshuffle gives Taylor a broader commercial mandate as Tharisa seeks to capture more value from its PGM and chrome production.
Taylor, who has been with Tharisa since 2008, will lead the group’s commercial strategy covering marketing, sales, offtake, logistics and downstream beneficiation for PGM and chrome concentrates.
She has also played a role in the group’s Johannesburg and London listings and the development of Karo Platinum in Zimbabwe.
Taylor serves as a director of the World Platinum Investment Council and the Minerals Council South Africa and is president of the International Chromium Development Association.
Murley, meanwhile, will take charge of safety, mining, processing and operational delivery across Tharisa’s South African and Zimbabwean assets.
His responsibilities include execution of the underground mine development at the Tharisa Mine.
Murley has played a leading role in planning the mine’s transition from open-pit to underground operations and has more than 37 years of experience across mining, processing, project and risk management.
He is a qualified Mining Engineer and Electro-Mechanical Engineer.
Tharisa chief executive Phoevos Pouroulis said the changes would strengthen the group as it advances its growth pipeline.
“On behalf of the executive team, I thank Loucas for his leadership, guidance and mentorship, and for the vision and determination that has brought Tharisa to where it is today,” Phoevos Pouroulis said.
“His contribution extends well beyond the Group: over more than six decades, he has helped establish and develop mining businesses across South Africa’s gold, diamond, PGM, coal and chrome sectors, and his contribution to chrome was recognised with the industry’s Lifetime Award in 2019.”
He added: “I warmly welcome Carol as Chairman of the Board and have witnessed her clarity and independence over many years as Lead Independent Director. Roy’s operational depth will be central as we take the Tharisa Mine underground and bring Karo Platinum into production.”
Phoevos said Taylor’s new role would also help sharpen the group’s commercial focus.
“Michelle has been instrumental in building Tharisa’s operations since 2009, and her new role sharpens our focus on commercialisation, markets, customers and capturing more value from every tonne we mine,” he said.
The leadership changes are effective from October 1, with Taylor and Murley reporting to Phoevos Pouroulis.
Tharisa said the changes would also further align its governance arrangements with the UK Corporate Governance Code, the King V Code on Corporate Governance for South Africa and the JSE Listings Requirements, while supporting the company’s governance obligations as a company listed in the London Stock Exchange’s Equity Shares (Commercial Companies) category.
