Pearce to take reins from Wood, steering South32 through CEO transition
Diversified miner South32 has announced that Karen Wood will retire from the board in February 2026, with Stephen Pearce elected to succeed her following a formal succession process.
Pearce, who joined the South32 board as an independent nonexecutive director in February 2025, will assume the role of chairperson next February.
The timing of the handover will allow him to work alongside CEO Graham Kerr through 2026, ahead of Kerr’s planned departure later that year.
Anglo American executive Matthew Daley will join South32 as deputy CEO in February and will assume the role of CEO when Kerr steps down later in 2026.
“Stephen’s appointment to the role of chair in February 2026 gives him the opportunity to work with Graham and then oversee the CEO transition when it occurs. I have no doubt this continuity and collaboration will serve South32 well," said Wood.
Pearce, a former group CFO and executive director at Anglo American and Fortescue Metals Group, brings more than 35 years of financial and commercial experience across the mining, oil and gas, and utilities sectors.
“I look forward to working with the board and the lead team as we continue to sustainably reshape our business and work to discover our next generation of base metals mines,” Pearce said.
“We have been fortunate to benefit from Karen’s wealth of knowledge, strong governance and purpose-driven approach. Under her leadership, South32 is well placed for the future," he added.
Wood added that she was proud of the company’s repositioning toward “minerals and metals critical to the world’s energy transition", noting that the challenge for miners was to meet demand in a way that left a positive legacy.
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