Cyril Ramaphosa has told Lonmin Plc (LMI) he won’t stand for re-election as a director of the world’s third-largest platinum producer after he was chosen as deputy leader of South Africa’s ruling party.
Ramaphosa has been a non-executive director at Lonmin since July 2010 and won’t be available for a new term at the annual general meeting on Jan. 31, the Johannesburg-based company said in a statement today.
The 60-year-old former labor union leader is reviewing his business interests after being elected deputy president of the African National Congress in December. His selection in that vote makes him the front runner to succeed Jacob Zuma as the nation’s president in 2019. Ramaphosa is the richest black South African after his brother-in-law, Patrice Motsepe, according to the Johannesburg-based Sunday Times newspaper.
Ramaphosa will also step down as joint chairman of Mondi Ltd. and Mondi Plc (MNDI), South Africa’s biggest maker of office paper, on May 3, the company said in a statement.
A former secretary-general of the ANC, Ramaphosa built up a business empire in a career away from politics since 1996. Shanduka Group Ltd., an investment company he founded, owns stakes in MTN Group Ltd. (MTN), Bidvest Ltd., Standard Bank Group Ltd. (SBK), and Liberty Group Ltd. and has the McDonald’s Corp. franchise in South Africa.
He also owns a direct stake in Ivanplats Ltd. (IVP), the Canadian mining company founded by billionaire Robert Friedland, and sits on the boards of brewer SABMiller Plc (SAB) and lender Standard Bank.