# Top diamond producer De Beers names Equinor’s Cook as new CEO
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-10-10
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: De Beers Appoints Al Cook as New Chief Executive
Meta Description: Anglo American's De Beers names Al Cook, former Equinor executive, as new CEO replacing Bruce Cleaver. Cook aims to lead industry with sustainable value.
URL: https://financedigest.com/top-diamond-producer-de-beers-names-equinors-cook-as-new-ceohtml

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LONDON (Reuters) -Anglo American’s De Beers has appointed oil and energy industry executive Al Cook as its new chief 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, responsible for the firm’s international portfolio ranging from Algeria, Tanzania and Angola to Brazil and Argentina.

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

I look forward to working closely with De Beers’ people, customers, governments and other stakeholders to ensure that De Beers continues to [lead the industry](https://www.financedigest.com/eu-announces-plans-to-lead-green-industrial-revolution.html "EU announces plans to lead green industrial revolution") and deliver sustainable and purpose-driven value,” Cook said in a release.

Cleaver will [become co-chairman of De Beers Group](https://www.financedigest.com/scottys-little-soldiers-become-incentive-fm-groups-chosen-charity-in-three-year-partnership.html "Scotty’s Little Soldiers Become Incentive FM Group’s Chosen Charity In Three Year Partnership"). He took the top job in 2016, after [sales stagnated due to a slowdown](https://www.financedigest.com/logitech-quarterly-sales-fall-22-as-slowdown-fears-bite.html "Logitech quarterly sales fall 22% as slowdown fears bite") in the Chinese economy.

Cook takes on the role at a delicate time for the luxury industry, as [consumers’ discretionary income in key markets such as the United States and China has been hit](https://www.financedigest.com/uk-consumer-mood-hits-one-year-high-but-financial-gloom-persists.html "UK consumer mood hits one-year high, but financial gloom persists") by inflation and the rising cost of living.

Still, De Beers posted a [profit of $944 million](https://www.financedigest.com/hellofresh-sees-2023-core-profit-of-460-540-million-euros.html "HelloFresh sees 2023 core profit of 460-540 million euros") in the

first half, up by 55% from last year, partly spurred by [increased business](https://www.financedigest.com/frances-ynsect-to-refocus-bug-business-after-capital-increase.html "France’s Ynsect to refocus bug business after capital increase") as Western sanctions placed Russia’s state-backed global producer Alrosa off limits.

To that end, De Beers has deployed a blockchain platform to register and track rough diamonds each time they change hands from the moment they are sold to middlemen up to the retail stage, as Western [customers want assurance that their purchases](https://www.financedigest.com/britains-nationwide-curbs-cryptocurrency-purchases-by-customers.html "Britain’s Nationwide curbs cryptocurrency purchases by customers") do not come from Russia.

(Reporting by Clara Denina and Dmitry Zhdannikov, Editing by Louise Heavens)


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