De Beer’s chief executive officer (CEO) Gareth Penny, has announced his resignation, and will step down in the coming months, concluding his five years at head of the company. Having led the company during the recession and subsequent recovery, Penny stated it was the right time for him to step down. %% While the Board noted Penny's "substantial contribution", Nicky Oppenheimer, Chairman of De Beers Group praised Penny as a "passionate and effective leader." The mining major has announced that Chief Financial Officer Stuart Brown and Chief Commercial Officer Bruce Cleaver will serve as acting joint-CEOs until a new CEO is appointed.