Through Mitti Hicks
February 19, 2026
Under the new JSE rules, a major reform is that the chairman of a listed company can no longer hold an executive position at the company.
There are more leadership changes among some of Africa’s richest people. In the latest move, South African billionaire Patrice Motsepe has stepped down as executive chairman of African Rainbow Minerals.
According to Business Insider Africa, Motsepe retires to meet new governance requirements as part of the Johannesburg Stock Exchange (JSE) simplification project. Under the new rules, which come into effect in 2026, the JSE has made major governance changes to align with international standards.
An important reform is that the chairman of a listed company can no longer hold a management position at the company.
Motsepe will remain on the board as non-executive chairman and stated that he looks forward to “continuing to contribute to the global competitiveness” of the company in his new role.
Other leadership roles will continue. David Noko is expected to remain as lead independent non-executive director. Jacob van der Bijl has been appointed Chief Operating Officer, who Motsepe reportedly described as a ‘world-class mining engineer’.
About Patrice Motsepe and African Rainbow Minerals
Motespe founded African Rainbow Minerals (ARM) in 2003. The company, headquartered in Sandton, is one of Africa’s leading mining companies. The company produces iron ore, manganese, chromium, platinum group metals (PGMs), nickel and coal, with significant investments in gold.
ARM owns a 20% stake in Harmony Gold, one of the world’s largest gold mining companies. According to figures, the company also produces 6.7 million tons of coal per year Golden news line.
As of 2025, Patrice Motsepe has an estimated net worth of $3 billion, making him one of Africa’s richest individuals. In 2008 he was the first black African on the Forbes list of billionaires.
In 2016, Motsepe launched a private equity firm focused on investing in Africa. In addition to mining, he says he also has an interest in Sanlam, a listed financial services company Forbes. He is also the president and owner of the Mamelodi Sundowns Football Club.
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