There are more leadership changes among some of Africa’s richest people. In the latest move, South African billionaire Patrice Motsepe has stepped down as executive chairman of African Rainbow Minerals.
According to Business Insider Africa, Motsepe is retiring to adhere to new governance requirements under the Johannesburg Stock Exchange (JSE) Simplification Project. Under the new rules, effective for 2026, the JSE adopted major governance changes to align with international standards.
One key reform is that the chair of a listed company can no longer hold an executive position with the company.
Motsepe will remain on the board as non-executive chairman and stated that he looks forward to “continuing to contribute to the global competitiveness” of the company in his new role.
Other leadership roles will remain. David Noko is expected to continue as lead independent non-executive director. Jacob van der Bijl has been appointed chief operating officer, whom Motsepe reportedly described as a “world-class mining engineer.”
About Patrice Motsepe and African Rainbow Minerals
Motespe founded African Rainbow Minerals (ARM) in 2003. Headquartered in Sandton, the company is one of Africa’s most prominent mining companies. The company produces iron ore, manganese, chrome, platinum group metals (PGMs), nickel, and coal, with significant investments in gold.
ARM owns a 20% stake in Harmony Gold, one of the world’s
largest gold mining companies. The company also produces 6.7 million tons of coal per year, according to Gold Newswire.As of 2025, Patrice Motsepe has an estimated networth of $3 billion, making him one of Africa’s wealthiest individuals. In 2008, he was the first Black African on the Forbes List of billionaires.
In 2016, Motsepe launched a private equity firm focused on investing in Africa. In addition to mining, he has a stake in Sanlam, a listed financial services firm, according to Forbes
. He is also the president and owner of the Mamelodi Sundowns Football Club.RELATED CONTENT: The Iconic Miss J Alexander Details Grueling Stroke Recovery In Netflix Doc