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SourcingAug 07, 2017
Pallinghurst Names New Gemfields CEO
Ian Harebottle, who resigned following the company’s takeover, will be succeeded by Gemfields executive board member Sean Gilbertson.
London--The new owner of Gemfields, Palllinghurst Resources, has named a new CEO for the colored stone miner following Ian Harebottle’s resignation.
Pallinghurst’s recent acquisition of the company led to the July 28 delisting of Gemfields from AIM, the London Stock Exchange’s market for smaller companies. It is now an unlisted subsidiary of Pallinghurst, which expects to own 100 percent of the company by the end of this month.
Harebottle’s departure is one of a number of executive changes as Pallinghurst takes over the colored gemstone miner--which it says is in a record amount of debt--and launches an analysis of its operations.
The company has named longtime Gemfields executive board member, and recently appointed Pallinghurst executive director, Sean Gilbertson as CEO to succeed Harebottle. Gilbertson is the son of Pallinghurst board Chairman Brian Gilbertson.
Sean Gilbertson is the longest-serving executive director of Gemfields, playing a vital role in the acquisition and redevelopment of the Kagem emerald mine as well as in the 2013 acquisition and relaunch of the Fabergé brand, the company said.
In addition, Chief Financial Officer Janet Boyce has resigned, as have the non-executive directors of the colored stone miner.
David Lovett, who joined the company’s finance team in 2008, replaces Boyce as CFO and also will join the board. Lovett has served as a senior financial manager across a number of operating subsidiaries during his nine-year tenure.
Pallinghurst board Chairman Brian Gilbertson, Sean’s father, and CEO Arne H. Frandsen have joined the board of Gemfields as chairman and deputy chairman, respectively. Frandsen also will be joining the boards of Kagem Mining Limited and Montepuez Ruby Mining Limitada.
Pallinghurst’s recent acquisition of the company led to the July 28 delisting of Gemfields from AIM, the London Stock Exchange’s market for smaller companies. It is now an unlisted subsidiary of Pallinghurst, which expects to own 100 percent of the company by the end of this month.
Harebottle’s departure is one of a number of executive changes as Pallinghurst takes over the colored gemstone miner--which it says is in a record amount of debt--and launches an analysis of its operations.
The company has named longtime Gemfields executive board member, and recently appointed Pallinghurst executive director, Sean Gilbertson as CEO to succeed Harebottle. Gilbertson is the son of Pallinghurst board Chairman Brian Gilbertson.
Sean Gilbertson is the longest-serving executive director of Gemfields, playing a vital role in the acquisition and redevelopment of the Kagem emerald mine as well as in the 2013 acquisition and relaunch of the Fabergé brand, the company said.
In addition, Chief Financial Officer Janet Boyce has resigned, as have the non-executive directors of the colored stone miner.
David Lovett, who joined the company’s finance team in 2008, replaces Boyce as CFO and also will join the board. Lovett has served as a senior financial manager across a number of operating subsidiaries during his nine-year tenure.
Pallinghurst board Chairman Brian Gilbertson, Sean’s father, and CEO Arne H. Frandsen have joined the board of Gemfields as chairman and deputy chairman, respectively. Frandsen also will be joining the boards of Kagem Mining Limited and Montepuez Ruby Mining Limitada.
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Gemfields formed and launched on the AIM in 2005, setting out to be a standout in the colored gemstone industry. It eventually created a system to take the gems mine to market, acquired the iconic Faberge brand and launched marketing campaigns around colored gemstones to boost them in the market.
Other changes to the board and management made thus far are as follows.
--Adrian Banks, who joined Gemfields in 2009 and served as the group’s product director, responsible for grading, sorting and auctioning of emerald and ruby production, has joined the Gemfields board. He will continue to use his experience to help optimize the sale of rough gemstones.
--CV Suresh, who joined Gemfields in 2006 and ran Kagem prosperously from 2007 through 2015, also has joined the Gemfields board, taking overall responsibility for Gemfields’ Zambian assets.
--Kartikeya Parikshya, a leading gemstone geologist who joined Gemfields in 2004, has joined the Gemfields board and will be responsible for Gemfields’ Mozambican and Ethiopian operations, including the Montepuez ruby mine.
In its press release issued Friday, Pallinghurst said it has commenced a thorough review and analysis of Gemfields’ operations, including processes, plans, budgets and financial position. Its findings will inform an updated plan for developing the colored stone miner.
It added that Gemfields’ debt is “currently at record levels,” due in large part to a material drop in emerald production at Kagem, which resulted in a $54 million year-over-year decline in Kagem’s auction revenues for the fiscal year ended June 30.
Pallinghurst said it plans to report its findings of the review to the board by mid-September.
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