JSE-listed PPC’s shares were trading lower on Tuesday, as the company announced the retirement of chairperson Bheki Sibiya.
The cement producer said it was making progress in finding a successor and that it would make an announcement in this regard soon.
Sibiya had served as chairperson since November 2008 and, under his leadership, the company had achieved a number of key milestones, including the successful conversion of the company’s mining rights and the initiation of its Africa expansion strategy.
“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.
“I have always said that I will retire once a stable board has been bedded down. I have every confidence in the board as it stands and the management team under the leadership of CEO Darryll Castle,” he added.
Owing to Sibiya’s retirement, his alternate, Zibusiso Kganyago also retired. She had been a member of the board since October 2007.
Further, nonexecutive director Mangalani Malungani also stepped down and was succeeded by Nozala Investments founder and chairperson Salukazi Dakile-Hlongwane.
PPC’s shares were trading at R11.70 at 12:41 on Tuesday, down 4.49% on Monday’s close of R12.25 a share.