February 19, 2026
In line with the Johannesburg Stock Exchange’s new governance rules, significant leadership changes are occurring among Africa’s wealthiest individuals.
In a notable shift within Africa’s corporate landscape, South African billionaire Patrice Motsepe has announced his departure from the role of executive chairman at African Rainbow Minerals (ARM). This decision is part of the updated governance policies mandated by the Johannesburg Stock Exchange (JSE) Simplification Project.
The new regulations, which are set to take effect in 2026, introduce significant reforms aimed at aligning South Africa’s stock market practices with international standards. A crucial rule stipulates that the chairperson of a listed company must not hold an executive position within the same organization, compelling Motsepe’s transition.
Despite stepping down from executive duties, Motsepe will continue to serve as the non-executive chairman of ARM, expressing his eagerness to “enhance the global competitiveness” of the company in this revised capacity.
Leadership within ARM will still see continuity, as David Noko will remain in his role as the lead independent non-executive director. Additionally, Jacob van der Bijl has been appointed as the new chief operating officer, with Motsepe praising him as a “world-class mining engineer.”
About Patrice Motsepe and African Rainbow Minerals
Founded in 2003 by Patrice Motsepe, African Rainbow Minerals is headquartered in Sandton and has emerged as one of Africa’s leading mining enterprises. The firm specializes in the production of various minerals, including iron ore, manganese, chrome, platinum group metals (PGMs), nickel, and coal, alongside substantial investments in gold.
ARM also holds a significant 20% stake in Harmony Gold, renowned as one of the world’s largest gold mining companies. The company is reported to produce approximately 6.7 million tons of coal annually, highlighting its extensive operations in the resource sector.
As of 2025, Patrice Motsepe boasts an estimated net worth of $3 billion, positioning him among Africa’s wealthiest figures. Notably, he made history in 2008 as the first Black African to secure a place on the Forbes Billionaires List.
In 2016, Motsepe established a private equity firm targeted at investments within Africa. His portfolio extends beyond mining, including a stake in Sanlam, a publicly-listed financial services company. Furthermore, he is the proud president and owner of the Mamelodi Sundowns Football Club.
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