Gordhan clarifies resignation decision
Following his sudden and immediate resignation last week from cement group PPC, former CEO and director Ketso Gordhan has moved to clarify his side of the “difference of opinion” between the parties, suggesting that the board had “inappropriately involved itself in operational and personnel matters” and impacted his ability to run the company and to execute properly on the group’s strategy.
In a personally issued statement on Monday, Gordhan, who had headed PPC since January 2013, stated that things came to a head over the board’s “interference” with the leader’s duties.
Interference by the board after Gordhan attempted to “exit” a senior executive who was allegedly “putting the strategy of the company at risk” had led to a “loss of confidence” in their ability to manage the business in a “manner that is consistent with shareholder interests”.
“The manner of the board’s intervention raised concern about whether I had appropriate support from the board to continue as CEO,” he stated, noting that, since his exit, only the board would be able to provide additional details on the matter.
PPC declined to comment on Gordhan's statements.
He pointed out that PPC had reached a stage in its strategy execution where complete alignment at the top was a “necessary condition” of success.
“I remain passionate about PPC, about the strategy we have put in place and about the excitement, loyalty and commitment we have created. I remain a material shareholder and would go back as CEO in a heartbeat if the shareholders agree with me that this is in the best interest of the business,” he concluded.
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