PPC chairman to step down, South Africa

PPC chairman to step down, South Africa
27 January 2016

PPC announced that Bheki Lindinkosi Sibiya, who has served as chairman of Board since November 2008, elected not to offer himself for re-election at the shareholders AGM on 25 January 2016.
Accordingly, he retires as non-executive director and chairman of the Board.

PPC noted that under Mr Sibiya's stewardship the company has achieved a number of key milestones, notably the successful conversion of the company´s mining rights and the initiation of its African expansion strategy which to date has borne the recently-commissioned plant in Rwanda and the projects underway in DRC, Zimbabwe and Ethiopia.

Mr Sibiya, who indicated in 2014 his intention to step down as both chairman and a member of the Board once stability had been established, commented: "I have enjoyed working with PPC over the past seven years, despite some unique challenges. I wish to thank my fellow Board members past and present for their support in steering the Company to a position where it is equally capable of tolerating and even capitalising on challenges domestically and leveraging growth opportunities on the continent."

On appointing a successor to Mr Sibiya, PPC said the process "is far progressed and the Board expects to make an announcement in this regard soon."

Published under Cement News