PPC's CEO is to resign

PPC's CEO is to resign
24 July 2017

Darryll Castle, Pretoria Portland Cement's (PPC) CEO, is stepping down to pursue other interests. PPC announced in a statement that Mr Castle will still be available to the group for six months to ensure a smooth handover.

Johan Claassen, managing director of the South African cement business, has been appointed as interim chief executive.

PPC reported a 93 per cent decline in full-year earnings in June, due to a liquidity crisis precipitated by the cut in ithe company's credit rating to junk status.

The company also announced that Tito Mboweni, an independent non-executive director, and Chair of the Social, Ethics and Transformation Committee of the board of PPC, resigned from the board of PPC with effect from 18 July 2017.

Published under Cement News

Tagged Under: PPC CEO