Antofagasta plc Appoints New CEO, Chairman Steps Down

Mining industry veteran Diego Hernández to become new Antofagasta plc (LON:ANTO) CEO.

Mark Stones

Mark Stones (TMFMumbojumbones) joined The Motley Fool in 2014 and initially worked as a writer for Fool.co.uk, before joining the Fool’s analyst programme. Mark earned a BA in English from Loughborough University. Although he spends more time reading annual reports than Russian literature these days, he still appreciates a novelist’s antipathy toward the accepted view, which is a useful attitude when trying to sniff out hidden gems on the stock market. His approach to investing has been largely influenced by the principles of Warren Buffett and Peter Lynch. He also takes a special interest in the work of healthcare companies. Outside of investing, Mark plays guitar, enjoys good writing and has a guilty passion for combat sports.

Published 20 August, 2014 10:23 am BST

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Antofagasta (LSE: ANTO), the Chilean0based miner, has rejigged its boardroom line-up, promoting mining division boss Diego Hernández to chief executive officer, with the chairman Jean-Paul Luksic taking a step back from day to day operations.

Mr Luksic, who has been a company director since 1990, will remain on the board as non executive chairman. William Hayes, the group’s senior independent director, commented: “On behalf of the Board, I would like to thank Jean-Paul for his service to the group as Executive Chairman over the last ten years.”

Mr Hernández, who joined Antofagasta from BHP Billiton in 2012, will step up to his new role on 1 September 2014, which is the same date that Mr Luksic relinquishes his current capacity.

Shares of Antofagasta fell by 1% in early trade. The company’s most recent production update was below market expectations, and the shares have missed out on the mining rally in 2014, while others in the sector have posted double digit returns and trounced the market.