PPC CEO resigns
PPC announced on Monday that its CEO Ketso Gordhan had resigned. Gordhan also steps down from his executive director role.
It states that Gordhan “regrettably resigned due to differences of opinion with the Board, regarding Board procedures for the approval of certain decisions”. Non-executive Chairman Bheki Sibiya steps in as Executive Chairman with immediate effect, until a new CEO is appointed. Tim Ross, independent Non-executive Director and Chairman of the Audit Committee, will be Lead Independent Director of the Board.
PPC has started the process of recruiting and appointing a new CEO.
Gordhan, appointed in November 2012, will continue providing input to “crucial projects” he was leading. Sibiya said the local business “remains in good hands under the leadership of Richard Tomes and Johan Claassen as Joint MDs, who collectively have over 40 years of experience at PPC. “PPC has a capable and experienced management team led by Pepe Meijer, MD – International, who has over twenty five years’ experience with the company. He will continue to implement PPC’s expansion into the rest of Africa. Sibiya empahsised that PPC’s growth momentum remains on track. “We have signed EPC contracts for four projects, Rwanda, DRC, Ethiopia and Zimbabwe, and construction is underway.
“Ketso has been instrumental in executing PPC’s African expansion strategy, 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,” said Sibiya.
Gordhan said on Monday: ”I have really enjoyed my time at PPC and am proud to have implemented a number of new initiatives and seen the company on an exciting growth path. I am leaving with a heavy heart.” Following the announcement PPC’s shares dropped, and were down 6.15% at R30.50 by 16:24.