PPC chief executive quits, South Africa

PPC chief executive quits, South Africa
23 September 2014

Ketso Gordhan, the chief executive officer of PPC Ltd (PPC), resigned from his post at South Africa’s largest cement maker because of differences with the board.

Mr Gordhan, who was appointed at the start of last year, quit abruptly on Monday prompted by what the company described in a statement as "differences of opinion" with the board, regarding "procedures for the approval of certain decisions.

The statement however added that Gordhan had agreed to continue providing input to crucial projects he was leading. PPC is in the middle of an expansion drive into the rest of Africa that Gordhan had spearheaded to offset slowing demand its domestic market. The company is targetting 40 per cent of sales outside of South Africa by 2017 and construction projects are underway in Rwanda, the Democratic Republic of the Congo, Zimbabwe and Ethiopia.

"I am leaving with a heavy heart," the company's statement quoted Gordhan as saying, his decision to leave however sent PPC's shares falling by more than six percent, Reuters reports. "Shares in PPC slumped 6.15 per cent to 30.50 rand by 1408 GMT, on course for their biggest daily percentage decline since January".

PPC said non-executive chairman Bheki Sibiya will become executive chairman until the appointment of the new CEO, adding that it has started the recruitment process.

Published under Cement News

Tagged Under: PPC South Africa