Published: 24 July 2017

The chief executive of cement maker PPC, Darryll Castle, quit on Monday. This comes a few days after Tito Mboweni's unexpected resignation from PPC's board has prompted speculation that it might relate to an irreconcilable disagreement about the strategic direction of the cement producer, specifically about the proposed merger with Afrisam.

In a statement released on the Stock Exchange News Services, PPC said it wishes to announce that the Company and the CEO have agreed to part ways.

"Mr Castle has accordingly decided to resign his PPC group directorships but will be available to the PPC Group to ensure a smooth handover for a period of six months. He will be pursuing other interests.

"Mr 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.

The Chairman Mr Peter Nelson said that the Nominations Committee of the board will commence the process to appoint a permanent CEO immediately.

Mr Johan Claassen, the Managing Director of the South African cement business, has been appointed as interim CEO of PPC Limited and as an Executive Director to the PPC Ltd Board, until such time as a permanent CEO and Executive Director is appointed. Mr Claassen has more than 28 years' experience in all facets of the cement industry and has been with PPC for that period.
- Business Daily

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