Former De Beers exec Varda Shine has resigned as chair of Petra Diamonds and will no longer serve on the company’s board.
Taking over for Shine is José Manuel Vargas, who has been named chair of both the Petra board and its investment committee.
Shine had been Petra’s non-executive chair since November 2023 and a member of its board since 2018. She headed De Beers’ Diamond Trading Company from 2006 to 2014.
“I am stepping down from the board for personal reasons, having indicated last year that I will take on the role of chair of Petra only for a short period,” Shine said in a statement.
Vargas, who owns 11.39% of Petra’s share capital, was first appointed to Petra’s board last January. He is the chair of Maxam, an explosives manufacturer, and head of Rhone Capital.
Based in London, Petra owns interests in two underground mines in South Africa—the Finsch and Cullinan—and one open-pit mine in Tanzania (the Williamson).
(Photo courtesy of Petra Diamonds)
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