Bruce Cleaver, one of the most powerful people at De Beers, and who briefly served as interim co-CEO, has joined parent company Anglo American as head of strategy and business development.
Gareth Mostyn, currently chief financial officer of De Beers, will take over Cleaver’s current role as De Beers’ executive head of strategy and corporate affairs.
Cleaver will continue to serve on the board of De Beers as a nonexecutive director.
De Beers is currently looking for a new chief financial officer.
Cleaver joined De Beers in 2005 as group director, commercial and legal. He previously served as a senior corporate partner at law firm Webber Wentzel Bowens, where he was the lead partner on De Beers’ 2001 privatization.
He has since served in a variety of roles, including chief commercial officer and acting co-CEO following the 2010 resignation of Gareth Penny. He also led De Beers’ 2009 $3.4 billion distressed refinancing as well as a subsequent De Beers refinancing in 2011.
Cleaver’s promotion comes amid an Anglo American shakeup. As commodity prices have fallen, the company’s share price has declined more than 50 percent, and this summer, it announced plans to cut as many as 50,000 jobs.