- PPC (mkt cap: R15.2bn) has cancelled the Extraordinary General Meeting scheduled for Monday. After meetings between chairman Bheki Sibiya and the asset management companies which Requisitioned the meeting (Foord, Visio, Nedbank) it has agreed to reshuffle the board at the AGM on 26 January. At that meeting four of the existing directors will step down and six new ones to be appointed. Sibiya will himself leave as soon as “stability has been established” to be replaced by Ms Zibu Kganyago. The other existing memebrs of the board who will remain are Peter Malungani; Sydney Mhlari; Tim Ross; Todd Moyo and Bridgette Modise. The Requisitionists have put forward Bobby Godsell; Dr Claudia Manning; Ms Gesina Coetzer; Peter Nelson; Tumi Dlamini and Keshan Pillay to occupy the other six positions.
The notable absentee from the Requisitioners’ list is former CEO Ketso Gordhan. In an email to CNBC Africa Power Lunch producer Lerato Seko, Gordhan said: “While feeling a sense of disappointment that the EGM of the 8 December has been cancelled I cannot but feel a sense of vindication. In agreeing to change the board at the AGM in January and specifying the criteria and process for appointing six new members to the Board of PPC all parties have agreed that the company needs a stronger more capable Board.”
Gordhan added: “I expect that the new Board and CEO will find my reasons to exit the CFO very compelling and act on it in the future. The company will then be in great hands and I wish the new team all the success that PPC and its employees deserve. It is clear from the proposed way forward that I cannot be nominated to the new board. I know it is very unlikely that I will be asked to return as CEO, but remain convinced I am one of the best people for the job.”
