CFO of Petra Diamonds Jacques Breytenbach Departs for ”Personal Reasons”

Petra Diamonds bids farewell to its Chief Financial Officer of seven years, Jacques Breytenbach, who has tendered his resignation citing “personal reasons.” Breytenbach was slated to present the firm’s 2024 financial results in late September before relinquishing his duties, as stated in an official announcement by the group.

Should the appointment of a new CFO be finalized prior to the conclusion of Breytenbach’s notice period, he will expedite his departure to accommodate the transition, Petra disclosed. The company added that the quest to identify Breytenbach’s successor would promptly commence.

Breytenbach departs Petra amid a backdrop of fluctuating trading conditions, notably within the past 12 months marked by downward pressure on diamond prices. Last month, Petra revised its production guidance downwards amidst a sluggish rebound in diamond prices.

The group disclosed an interim basic loss per share of 4.87 US cents (compared to a restated loss of 9.86 US cents per share in the prior comparable period), accompanied by a surge in consolidated net debt to $212.4 million ($90.2 million) and a reversal in operational free cash flow to a negative $21.2 million from a positive $12.5 million. Duffy, Petra’s CEO,  has adjusted production guidance for the fiscal year ending in June to a range of 2.75 million to 2.85 million carats, down from the previous guidance of 2.9 million to 3.2 million carats.

Richard Duffy conveyed appreciation for Breytenbach’s contributions, remarking that Jacques has been an esteemed colleague at Petra across various capacities since joining the group in 2006, assuming the CFO role in 2016.

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