Diamond producer De Beers names Al Cook as new CEO

Anglo-American’s De Beers has appointed energy and oil industry executive Al Cook as its new CEO to replace Bruce Cleaver, who steps down after eight years at the helm of the world’s top diamond producer.

Cook joins at the start of 2023 from Norway’s Equinor, Europe’s top gas supplier, where he held an executive vice-president position and was responsible for the energy firm’s international portfolio ranging from Tanzania, Algeria, and Angola to Brazil and Argentina.

Before Equinor, British-born Cook worked as chief of staff for BP’s CEO Bob Dudley and has an energy career spanning over 25 years.

In a press release, Cook said he looked forward to working closely with De Beers’ people, governments, customers, and other stakeholders to ensure that De Beers continued to lead the industry and deliver sustainable and purpose-driven value.

Cleaver will become co-chairman of De Beers Group. He took the top position in 2016 after sales deteriorated due to a slowdown in the Chinese economy.

Cook takes on the role at the tender time for the luxury industry, as customers’ discretionary income in key markets such as China and the United States has been hit by the rising cost of living and inflation.

Nevertheless, De Beers posted a $944 million profit in the first half of 2022, an increase of 55% from 2022.