African Rainbow Minerals (ARM) announced that Patrice Motsepe, the company’s founder, will transition from his role as executive chairman to non-executive chairman, effective February 16, Reuters reported.

Motsepe has led ARM since establishing the diversified mining group in 2003. The change comes in response to new rules introduced by the Johannesburg Stock Exchange (JSE) on Monday, which prohibit board chairs from performing executive functions. These regulations are part of broader measures aimed at simplifying listing requirements and reinforcing corporate governance.

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

The JSE’s updated framework seeks to ensure a stricter separation between executive and non-executive roles, reflecting a wider effort to improve transparency and governance standards among listed companies.