Lonmin's CEO resigns due to 'serious illness'

Simon Scott is Lonmin's acting CEO after Ian Farmer stepped down due to a "serious illness".

Lonmin, the third-largest platinum miner in the world, has faced a tough year due to worker strikes in South Africa. In the past year the company's stock has dropped 71%.

An executive search firm has been retained to find a replacement. Farmer had been CEO of Lonmin for four years.

Scott asked not to be considered as a candidate for the role of permanent CEO, and will return to his role as chief financial officer when a successor is found.

Lonmin Plc (LON:LMI) was off 2.63% today and trading at $278.00.

Image of Simon Scott being interviewed by Phillip de Wet