PPC says CFO Ramano to step down
South African construction materials firm PPC said on Thursday that CFO Tryphosa Ramano, who was also an executive director, would step down on October 31.
Ronel van Dijk had been appointed as interim CFO and as an executive director with effect from November 1 until a permanent CFO is appointed, PPC said in a statement.
Ramano, who joined PPC in August 2011, has helped PPC deliver on its strategy to grow outside South Africa, with revenue in the rest of Africa increasing by about 80% over the period, according to PPC.
"Ms Ramano has indicated she is stepping down to pursue personal interests, PPC said in a statement. "Ms Ramano has agreed to take on a consultancy role with PPC which will see her avail her services to PPC in order to ensure continuity."
At 1249 GMT, shares in PPC were up 5.87% at 3.79 rand, paring gains after jumping to 3.89 rand shortly after the announcement.
Ramano's exit comes more than three-months after PPC appointed ex-LafargeHolcim veteran Roland van Wijnen as its next CEO following a lengthy global search.
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