In a surprising turn of events, Varda Shine has stepped down as chair of Petra Diamonds and will no longer serve on the company’s board. Shine, who led De Beers’ Diamond Trading Company from 2006 to 2014, had served as Petra’s non-executive chair since November 2023 and as a board member since 2018.
Meet the New Chair: José Manuel Vargas
Taking over from Shine is José Manuel Vargas, who now chairs both the Petra board and its investment committee. Vargas, who holds 11.39% of Petra’s share capital, is also the chair of explosives manufacturer Maxam and the head of Rhone Capital.
Shine explained her departure, stating, “I am stepping down from the board for personal reasons, having indicated last year that I would take on the role of chair of Petra only for a short period.”
Petra Diamonds: What’s Next?
Based in London, Petra Diamonds owns interests in three significant mines—two underground mines in South Africa (Finsch and Cullinan) and an open-pit mine in Tanzania (Williamson). With new leadership at the helm, all eyes are on how Petra Diamonds will navigate the future.
Will Vargas bring new strategies to keep Petra shining bright, or will this leadership change lead to unexpected shifts for the diamond miner? Stay tuned!