South African cement group PPC CEO and director Ketso Gordhan has resigned with immediate effect as a result of a “difference of opinion” with the board regarding board procedures for the approval of certain decisions.
Nonexecutive chairperson Bheki Sibiya would now become executive chairperson with immediate effect, while independent nonexecutive director and audit committee chairperson Tim Ross would assume the role of lead independent director of the board until such time as a new CEO was appointed.
International MD Pepe Meijer would, meanwhile, continue to implement the expansion of the business into the rest of Africa.
The company said in a statement on Monday that the process to recruit and appoint a CEO had already started.
“Ketso has been instrumental in the execution of the African expansion strategy of PPC, which has now gained significant traction. He also should be commended for his excellent work on closing the remuneration gap within the organisation, as well as implementing an innovative employee housing support initiative,” commented Sibiya.
He added that Gordhan had agreed to continue providing input to crucial projects that he was currently leading.
“The growth momentum of the company remains on track; we have signed engineering, procurement and construction contracts for four projects in Rwanda, the Democratic Republic of Congo, Ethiopia and Zimbabwe, and construction is under way,” he noted.
Gordhan added that he had enjoyed his time at PPC and was proud to have implemented a number of new initiatives.
“I am leaving with a heavy heart,” he commented.
Following the announcement, the company's share price on the JSE fell by 6.15% by 16:37 on Monday to trade at R30.50 a share, compared with Friday's close of R32.50 a share.