Unlike a diamond, being CEO of De Beers is not forever. 

Anglo American CEO Duncan Wanblad said in a statement that Cleaver had decided “to step back after six years to a non-executive role”. There had been speculation that Cleaver was in contention to replace former Anglo CEO Mark Cutifani, who retired in April. 

Cook cut his teeth at BP and then Equinor in an international energy career and Wanblad commented that his “… multidisciplinary strategic skill set and strong personal conviction and values are ideally suited to the nature of De Beers, a global business that spans much of the spectrum, from exploration and mining to Bond Street and Madison Avenue”.

De Beers certainly does span a wide spectrum and these are interesting times for the global diamond industry. The traditional site auctions that De Beers perfected – in part to retain a tight grip on the trade – are being challenged by upstarts that are selling directly to manufacturers. 

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Meanwhile, De Beers has set its sights on remote locations – such as the coast of Greenland – for exploration and is producing diamonds in the Canadian Arctic. 

EXCLUSIVE: Diamond giant De Beers hunts for treasure in Greenland’s waters | Reuters

Under Cleaver, the company had returned to Angola after a 20-year absence and even began exploring again around Kimberley, where it all began in 1869. 

Cleaver also navigated De Beers through the choppy waters of the Covid pandemic. 

Producers are keenly aware of the “blood” or “conflict diamond” risk to their reputation and keeping stringent tabs on the sourcing of gems remains a priority. 

Among the tasks in Cook’s inbox will be the renewal of De Beers’ marketing agreement for the production of rough diamonds from Botswana via Debswana, its joint venture with the government. 

“The Government of the Republic of Botswana and De Beers Group have extended their existing agreement for the sale of Debswana’s rough diamond production by 12 months until 30 June 2023. Following further positive progress towards a new agreement being made in the first half of 2022, the two parties have agreed to the one-year extension to enable the finalisation of the ongoing discussions,” De Beers said in June.

So, the incoming CEO has a lot on his plate, and Anglo’s shareholders and other stakeholders will be expecting a polished performance. BM/DM