Nick Selby has announced his resignation as Managing Director and CEO of Lucapa Diamond Company, effective immediately,
The West Perth-based diamond miner cited grounds of ill health as the reason for Selby’s departure. His successor, Alex Kidman, formerly Lucapa’s Group Operations Manager, has assumed the role of Managing Director and CEO.
Selby’s resignation marks the end of his decade-long association with the company, where he held various roles before being promoted to CEO in July 2023. Selby will remain involved in a technical capacity during the transition period to assist Kidman and the management team.
Leadership Transition at Lucapa
The Board of Lucapa extended its gratitude to Selby for his service. Non-Executive Chairman Stuart Brown stated, “I would like to thank Nick for his commitment to the Company, Nick has always been very constructive and dedicated to the success of Lucapa, his knowledge and experience has been invaluable over the years. On behalf of the Board, I wish Nick all the best in the future.”
Selby reflected on his tenure and his decision to step down, stating, “It is with a deep regret that I find myself having to step back from the role of CEO of this great company due to health reasons just as the company is poised to deliver on the long-awaited Kimberlite Majority Share and Merlin workstreams. However, I know that Alex will successfully lead the team and the company into the next phase of its future while delivering huge value for shareholders.”
A Company in Transition
Under Selby’s leadership, Lucapa has made several strategic moves to navigate a challenging diamond market. Key developments include:
- Expansion in Angola: The company pursued an increased stake in the Lulo Kimberlite Exploration Joint Venture, aiming to raise its ownership from 39% to 51%.
- Divestment in Lesotho: In June 2023, Lucapa sold its 70% stake in the Mothae mine to Lephema Executive Transport, streamlining its portfolio.
- Australian Operations: Despite a challenging market, Lucapa has been advancing plans to bring the Merlin diamond mine in Australia’s Northern Territory to full production.
- Board Reorganisation: Under Selby, Lucapa refreshed its leadership structure, appointing Stuart Brown as Non-Executive Chairman and Ronnie Beevor, a seasoned investment banker, as a Non-Executive Director.
Selby paid tribute to the Lucapa team and the company’s future, stating, “It has been an honour and a privilege to be associated with and lead such a unique group of people with such an amount of diamond talent. I wish you all the greatest success for the future.”
