PPC CEO, Ketso Gordhan quits after clash with board, shares slump
By Tiisetso Motsoeneng
JOHANNESBURG (Reuters) – The chief executive of South African cement maker PPC quit abruptly on Monday, with the company citing clashes between him and the board, sending its shares to their biggest daily fall in nearly six years.
PPC is building cement plants in Ethiopia, Rwanda, the Democratic Republic of Congo and Zimbabwe with the aim of achieving 40 percent its sales outside South Africa, where economic growth has been faltering. The company makes about 24 percent its 4.5 billion rand ($403 million) in annual revenue from the rest of Africa.
"I am leaving with a heavy heart," Gordhan said in a statement released by the company.
Non-executive chairman Bheki Sibiya will become executive chairman until the appointment of the new CEO, the company said, adding that it has started the recruitment process.
(1 US dollar = 11.1645 South African rand)