Castle exits PPC after nearly three years
After two-and-a-half years at the helm, Darryll Castle is stepping down as JSE-listed PPC CEO and director to pursue other interests, with immediate effect.
“The company and the CEO have agreed to part ways,” said PPC chairperson Peter Nelson in a statement to shareholders, released on Monday.
PPC South Africa cement business MD Johan Claassen will assume the role of executive director and interim CEO during the transitional period, for which Castle will be available to ensure a smooth handover for a period of six months.
The cement maker’s nominations committee will immediately start the process to appoint a permanent CEO.
Castle took the reins on January 12, 2015, following the acrimonious exit of former CEO Ketso Gordhan in September the year before.
“Castle joined the board at a difficult time and was instrumental in stabilising the company and overseeing the commissioning of several new projects, for which the board is most grateful,” said Nelson.