{Ketso Gordhan, the chief executive officer of PPC Ltd. (PPC), resigned from his post at South Africa’s largest cement maker because of differences with the board. }
“Ketso regrettably resigned due to differences of opinion with the board, regarding board procedures for the approval of certain decisions,” the Johannesburg company said in a statement today. Gordhan will “continue providing input to crucial projects that he was leading.”
Gordhan, appointed CEO in 2013, has helped drive PPC’s expansion in countries including Rwanda, Zimbabwe and Ethiopia as demand for construction materials grows in sub-Saharan Africa. The company is targeting 40 percent of sales outside its domestic market by 2017.
Non-executive Chairman Bheki Sibiya will become executive chairman with immediate effect until a new CEO is appointed, PPC said.
The stock lost 6.9 percent to 30.26 rand by 4:27 p.m. in Johannesburg trading, the biggest intraday decline since January.
Bloomberg
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