JOHANNESBURG (Business Day) -- Mining magnate Roger Kebble quit as chairman of mining company Simmer & Jack [JSE:SJM] yesterday, citing his need to spend more time with his family after the death of his son Brett in September.
Kebble's resignation comes days after Simmers CEO Gordon Miller said the company wanted to diminish links with scandal-ridden gold miner JCI [JSE:JCD] and create an "independent Simmers".
Until recently, JCI was chaired by Roger Kebble and run by Brett Kebble. But both quit as JCI directors in August.
Forensic auditors said last week that a probe into JCI showed "de facto misappropriation of company assets" during Brett Kebble's tenure as CEO.
This raised fears that companies with links to JCI might be sucked into the looming storm, considering that by March JCI effectively owned 37% of Simmers - a stake that has since diminished to less than 5%.
Consolidated Mining Management Services, a subsidiary of JCI, was recently replaced as Simmers' company secretary.
But Miller said yesterday that Roger Kebble's resignation had "nothing to do with any links he may have had with JCI."
"It certainly was amicable ... and he's valuable to us. Simmers wouldn't be here if it wasn't for him, and we wanted to make sure we keep his services," Miller said.
Kebble still has a year-long consultancy contract with Simmers that will see him providing services to the group as it seeks to get maximum value out of its recent Buffelsfontein acquisition.
Kebble said yesterday that he quit because of the effect of his son's death on the family.
"The manner of (Brett's) death, which remains unexplained, and its timing have left many matters unanswered, which may have unintended consequences," he said.
Kebble said that although he saw "unparalleled opportunities" for the company, "Simmers has progressed to the point at which this is as good a time as any to step aside. Many of Brett's initiatives need to be explored and my assistance ... will be required."
Kebble will be replaced by former RMB investment banker Nigel Brunette, who was appointed to the board in October.
Although embroiled in various scandals over the past few years, Kebble was instrumental in resuscitating the fortunes of Simmers, which first listed on the Johannesburg exchange in 1924.
Last year Kebble led the bid to buy the marginal Buffelsfontein gold mine from out of liquidation for $7.07 million.
Simmers, meanwhile, is still posting operational losses - including a $833,000 loss for the six months to September - but management said it expected to break into the black soon.
