Wrap Text
Board Succession and Executive Leadership Changes
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company' or ‘Group’)
BOARD SUCCESSION AND EXECUTIVE LEADERSHIP CHANGES
Founder Loucas Pouroulis to become Founding Chairman Emeritus; Carol Bell to be appointed
Independent Non-executive Chairman; Michelle Taylor appointed Chief Corporate and Commercial
Officer; Roy Murley appointed Chief Operations Officer
Tharisa, the mining, metals and innovation company dual-listed on the Johannesburg and London
stock exchanges, announces Board succession and executive leadership changes effective from
1 October 2026. The changes conclude a structured succession process, further establish independent
leadership of the Board and bolster the executive team for the Group’s next phase of growth.
Highlights
- Loucas Pouroulis, founder and Executive Chairman, will step down from the Board on
30 September 2026 and be conferred the title of Founding Chairman Emeritus. His contribution
to South African mining spans more than six decades, and his contribution to the chrome sector
was recognised with the Lifetime Award at the 2019 South African Chrome Industry Dinner and
Awards Ceremony.
- Carol Bell, Lead Independent Director, will be appointed Independent Non-executive Chairman
of the Board with effect from 1 October 2026.
- David Salter, independent non-executive director, will take on the role of Deputy Chairman.
- Michelle Taylor, Chief Operating Officer, will be appointed Chief Corporate and Commercial
Officer with effect from 1 October 2026.
- Roy Murley, currently Executive: Operations at Tharisa Minerals, will be appointed Chief
Operations Officer with effect from 1 October 2026.
- The changes further align Tharisa’s governance arrangements with the UK Corporate
Governance Code, the King V Code on Corporate Governance for South Africa and the JSE
Listings Requirements and support the Company in meeting the governance standards
applicable to companies in the Equity Shares (Commercial Companies) category of the London
Stock Exchange.
Board succession
Loucas Pouroulis founded Tharisa and has chaired the Board since 27 October 2010. Under his
leadership, Tharisa developed from a greenfield project into a large-scale, integrated producer of PGM
and chrome concentrates, listed on the JSE in 2014 and on the LSE in 2016. His leadership shaped the
Group’s integrated mine-to-market model, the development of the Tharisa Mine and its expansion
from a South African operation into a multi-asset, multi-jurisdictional mining group. This record forms
part of a career spanning more than six decades in Southern African mining, during which he founded
and developed businesses across gold, diamonds, PGMs, coal and chrome. As Founding Chairman
Emeritus, he will remain available to the Board and executive team as an adviser on strategy,
stakeholder relationships and the Group's long-term growth projects.
Carol Bell will succeed Loucas Pouroulis as Chairman of the Board. Carol joined the Board as an
independent non-executive director on 22 March 2016 and has served as Lead Independent Director
since 1 October 2021. She currently chairs the Nomination, Remuneration, and Climate Change and
Sustainability Committees.
The Nomination Committee oversaw the chairman succession process, and Carol Bell recused herself
from all deliberations on the appointment.
In reaching its decision, the Board considered Carol's tenure of more than nine years. The Board
believes her deep knowledge of the Company, combined with her independence of character and
judgement, makes her the right candidate to lead the Board through this transition and provides
important continuity. Her tenure will be kept under review as part of the Board's ongoing succession
planning.
On her appointment as Chairman, Carol Bell will relinquish her role as Lead Independent Director.
David Salter will be appointed as Deputy Chairman.
Executive appointments
The appointments strengthen executive accountability for Tharisa’s next phase of growth.
This includes the transition of the Tharisa Mine to underground mining, the development of the Karo
Platinum Project and a sharper Group-wide focus on commercial value creation.
Both appointments are effective from 1 October 2026. Michelle and Roy will report to the
Chief Executive Officer, Phoevos Pouroulis.
Michelle Taylor – Chief Corporate and Commercial Officer
Michelle Taylor, Chief Operating Officer, will be appointed Chief Corporate and Commercial Officer.
She will lead the Group's commercial strategy, including marketing, sales, offtake, logistics and
downstream beneficiation for PGMs and chrome concentrates.
Roy Murley – Chief Operations Officer
Roy Murley, currently Executive: Operations at Tharisa Minerals, will be appointed Chief Operations
Officer. He will be responsible for safety, mining, processing, and operational delivery across the
Group's South African and Zimbabwean assets, including execution of the underground mine
development at the Tharisa Mine.
Loucas Pouroulis, founder and Executive Chairman, said:
‘Building Tharisa from a greenfield project into an integrated, multigenerational producer of PGM and
chrome concentrates has been one of the great privileges of my career. It continues a journey in
Southern African mining that began more than six decades ago and has always been driven by a belief
in identifying mineral assets with unrealised potential, building capable teams and creating enduring
businesses around them. Securing Karo Platinum through many years of perseverance positions
Tharisa to become a multi-asset, multi-jurisdictional group for generations to come. Good governance
means planning succession well before it is needed, and I am delighted to hand the chairmanship to
Carol, who knows this Board and this business deeply. I remain fully committed to Tharisa and look
forward to supporting Carol, Phoevos and the team as Founding Chairman Emeritus.’
Carol Bell, incoming Non-executive Chair, said:
‘I am honoured to be asked to serve as Chairman of Tharisa and to follow on from Loucas, whose vision
created the Company. Tharisa has a long-life asset base, a clear growth pipeline and a strong executive
team. My priority is to lead a Board that holds itself to the highest governance standards and supports
management in delivering the underground transition at the Tharisa mine and brings Karo Platinum
into production in a sustainable way to create long-term value for all stakeholders.’
Phoevos Pouroulis, Chief Executive Officer, said:
‘On behalf of the executive team, I thank Loucas for his leadership, guidance and mentorship, and for
the vision and determination that has brought Tharisa to where it is today. His contribution extends
well beyond the Group: over more than six decades, he has helped establish and develop mining
businesses across South Africa’s gold, diamond, PGM, coal and chrome sectors, and his contribution to
chrome was recognised with the industry’s Lifetime Award in 2019. I warmly welcome Carol as
Chairman of the Board and have witnessed her clarity and independence over many years as Lead
Independent Director. Roy's operational depth will be central as we take the Tharisa Mine underground
and bring Karo Platinum into production. Michelle has been instrumental in building Tharisa's
operations since 2009, and her new role sharpens our focus on commercialisation, markets, customers
and capturing more value from every tonne we mine.’
Biographies
Loucas Pouroulis – founder, incoming Founding Chairman Emeritus
Loucas Pouroulis has more than 60 years’ experience in mining exploration, project management,
financing and production. After beginning his career in Cyprus in 1962, he moved to South Africa in
1964 and joined Anglo American, where he gained experience across the Group’s mining operations
and progressed through its management ranks. In 1971, he began pursuing mining opportunities
independently, initially developing gold assets considered uneconomic by larger producers.
He subsequently founded or established a series of businesses across South Africa’s gold, diamond,
platinum group metals, coal and chrome sectors, including Golden Dumps, Consolidated
Modderfontein, Eland Platinum, Tharisa and Keaton Energy. His career has been characterised by
identifying overlooked mineral assets, securing capital and assembling the technical and operational
capabilities required to advance them into viable mining businesses. His contribution to the chrome
sector was recognised with the Lifetime Award at the 2019 South African Chrome Industry Dinner and
Awards Ceremony. He also established Salene Group and the Karo Mining Group as part of the
expansion of his mining interests into Zimbabwe. He holds a degree in Mining and Metallurgical
Engineering with honours from the National Technical University of Athens.
Carol Bell – incoming Independent Non-executive Chairman
Carol Bell has more than 40 years' experience in the energy and allied industries. She was Managing
Director of Chase Manhattan Bank's Global Oil & Gas Group and Head of European Equity Research at
J.P. Morgan, and earlier an equity research analyst at Credit Suisse First Boston and UBS Phillips &
Drew. She began her career in corporate planning at Charterhouse Petroleum and RTZ Oil and Gas.
Carol serves on the board of Bonheur ASA (Norway), is Senior Independent Director of the National
Physical Laboratory and is a founder-director of Chapter Zero. She holds an MA in Natural Sciences
from the University of Cambridge and a PhD in Archaeology from University College London.
David Salter – incoming Deputy Chairman
David Salter has more than 30 years’ experience in developing and managing mining companies,
including open-pit and underground PGM operations. His most recent listed-company roles were as
Chairman of Keaton Energy until its sale to Wescoal in 2017 and Managing Director of Eland Platinum
until its sale to Xstrata in 2007. He serves on the board of Sirius Finance (Cyprus) Limited and is a non-
executive director of several unlisted companies in the mining, property and agricultural sectors.
David holds a BSc Engineering (Hons) and a PhD in Mineral Technology from Imperial College London
and is a Fellow of the Southern African Institute of Mining and Metallurgy.
Michelle Taylor – incoming Chief Corporate and Commercial Officer
Michelle Taylor joined Tharisa in 2008 and has been instrumental in advancing the business from a
greenfields project into a leading South African producer of PGM and chrome concentrates.
She supported the Group’s listings on the Johannesburg and London stock exchanges and the
development of the Karo Platinum asset in Zimbabwe. She serves as a director of the World Platinum
Investment Council and the Minerals Council South Africa and is President of the International
Chromium Development Association.
Roy Murley – incoming Chief Operations Officer
Roy Murley is the Executive Operations where he has played a leading role in planning the Tharisa
Mine’s transition from open pit to underground mining. He has held various senior managerial and
operational positions in his more than 37-year career. He has extensive experience in processing
plants, coal and hard rock opencast, conventional and underground trackless mines, project, and risk
management in multiple disciplines, as well as optimisation and efficiency improvement through
technology. Roy is a qualified Mining Engineer and an Electro-Mechanical Engineer.
Paphos, Cyprus
30 September 2026
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Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
About Tharisa – funded growth, a second operating asset, commercialising technology
Tharisa plc is an integrated resource group producing platinum group metals (PGMs) and chrome
concentrates, commodities central to the global energy transition and the decarbonisation of industry.
The Group operates across the full value chain: exploration, mining, processing, beneficiation,
marketing, sales and logistics.
The Tharisa Mine, on the south-western limb of the Bushveld Complex in South Africa, is a multi-
generational operation co-producing PGMs and chrome from a single orebody — a combination that
underpins the Group’s cost position through the commodity cycle. Downstream beneficiation,
including the Vulcan ultra-fine chrome recovery plant and proven chrome and PGM alloy production,
extends the Group’s reach along the value chain.
The Karo Platinum Project on Zimbabwe’s Great Dyke is the Group’s second major mining asset and is
under development. Phase 1 is designed to produce approximately 226 koz of PGMs a year at full
capacity, more than doubling Group PGM production, with first ore in mill expected by the end of
2027. PGM concentrate offtake has been secured with Valterra Platinum for an initial five-year term.
Through Redox One, Tharisa is commercialising proprietary iron-chromium redox flow battery
technology for long-duration energy storage, using the chrome and iron the Group already produces.
Tharisa targets a 30% reduction in carbon emissions by 2030 and net carbon neutrality by 2050.
Tharisa plc is incorporated in Cyprus. Its ordinary shares are primary listed on the Main Board of the
Johannesburg Stock Exchange (JSE: THA), with listings on the Equity Shares (Commercial Companies)
category of the London Stock Exchange (LSE: THS) and A2X Markets (A2X: THA).
Information for South African institutional investors: exchange control classification
Tharisa plc is incorporated in Cyprus, and its ordinary shares are primary listed on the Main Board of
the JSE. The shares are an approved inward listing, denominated in Rand and settled through Strate.
In terms of South African Reserve Bank Exchange Control Circular No. 9/2022, approved inward listed
shares are classified as domestic assets for exchange control purposes. On that basis, holdings of
Tharisa ordinary shares acquired on the JSE are not marked off against the prudential foreign exposure
limit applicable to South African institutional investors, and do not consume the foreign asset
allowance under Regulation 28 of the Pension Funds Act. This treatment differs from that applied to
inward listed debt instruments, derivatives and exchange traded funds.
The ordinary asset class and per-issuer limits under Regulation 28 continue to apply. This summary is
provided for information only, does not constitute investment, legal or tax advice, and investors
should satisfy themselves as to their own position.
Date: 30/09/2026 07:05:00
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