End of an era for billionaire Patrice Motsepe

Following a rule change at the JSE, billionaire businessman Patrice Motsepe has stepped down as executive chairman of his company, African Rainbow Minerals (ARM).

This marks the end of Motsepe’s over two-decade-long service as ARM’s executive chairman, with the businessman now moving to a non-executive chairman role.

ARM announced this switch-up to shareholders on Monday, 16 February 2026. The company explained that the change was made in accordance with a rule change at the JSE.

As part of the stock exchange’s ongoing Simplification Project, which seeks to cut red tape and streamline the JSE’s Listings Requirements, a new rule was implemented that the chairperson of a listed company’s board may not be an executive director. 

Law firm Bowmans previously explained that this rule change is supported by a recommendation in the King Code that a company’s chairperson should be independent.

Therefore, to ensure compliance, Motsepe retired from his position as executive chairman and an employee of ARM with effect from 16 February 2026.

Notably, Motsepe will continue to serve as a director of ARM and as its board’s non-executive chairman.

“I look forward to continue contributing to the global competitiveness of ARM in my new capacity as non-executive chairman,” Motsepe said. 

“I have undertaken my new role as non-executive chairman to ensure compliance with the Listings Requirements.” 

At the same time, ARM announced that Jacques van der Bijl was appointed as the company’s new Chief Operating Officer, a move from his current position as head of Executive Growth.

“I would also like to welcome Jacques to his new role as Chief Operating Officer of ARM,” Motsepe said. 

“Jacques is a world-class mining engineer and has been working for ARM for many years. ARM remains committed and focused on creating value for its shareholders and benefitting its stakeholders.”

Motsepe’s history with mining dates back to 1994, when he founded Future Mining, a highly successful contract mining company.

A few years later, in 1997, he formed ARMgold, which, under Motsepe’s leadership, merged with Avmin and Harmony Gold in 2003.

Following this merger, Avmin changed its name to ARM, and Motsepe became the company’s executive chairman.