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(Alliance News) – South32 Ltd on Thursday said Karen Wood will retire as chair in February, with Independent Non-Executive Director Stephen Pearce confirmed as her successor.

Wood has served as chair of the Perth, Australia-based diversified mining company since 2019, having originally joined the board as an independent non-executive director in 2017.

The appointment of Pearce as her replacement follows a formal succession process, and the announcement coincides with the day of the company’s annual general meeting.

“Stephen’s extensive financial and commercial acumen, combined with his strong leadership and industry experience, makes him the right person to lead the board as South32 enters its second decade,” Chair Wood commented.

Pearce joined South32 in February and currently serves elsewhere as a non-executive director at the London-based aerospace and defence firm BAE Systems PLC, and at the Sydney-based petroleum company Ampol Ltd.

During his career, Pearce has worked in the mining industry as chief financial officer and executive director at Perth, Australia-based Fortescue Ltd from 2010 to 2017, followed by a stint as finance director at London-based Anglo American PLC from 2017 to 2023.

“I look forward to working with the board and the lead team as we continue to sustainably reshape our business and work to discover our next generation of base metals mines,” Chair-elect Pearce said.

South32 shares were 0.5% higher at AUD3.18 in Sydney on Thursday afternoon.

By Elijah Dale, Alliance News senior reporter Asia-Pacific

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