Simon Scott would continue as interim head until a permanent successor was found and he would then revert to being chief financial officer.
The announcement follows a turbulent end to the year for Lonmin, whose shareholders last month approved a rights issue to boost its finances after violent strikes disrupted work at its Marikana platinum mine in South Africa.
"Lonmin announces that Ian Farmer, who is being treated for a serious illness, has informed the board of his request to step down as chief executive officer (CEO) and as a director of Lonmin with immediate effect," the company said in a statement released on Friday (28 December).
"The board has appointed an executive search agent to pursue the selection and engagement of Ian's successor as CEO. In the meantime, Scott will continue in his role as acting CEO with the full support of the Lonmin board.
Lonmin chairman Roger Phillimore said of the British national: "We will greatly miss Ian's ability, commitment and drive which he has devoted to the company over a career spanning more than 26 years.
"He has been CEO for the last four years and the consistent improvement in Lonmin's operating performance over that period owes much to his leadership."
The end of Farmer's tenure was overshadowed by the violence at Marikana that left 46 people dead, including 34 who were killed by police gunfire on August 16. The recently announced rights issue, worth $817m, was aimed at reducing Lonmin's debt.
Source: AFP via I-Net Bridge
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