PPC chief executive Darryll Castle is to step down immediately to pursue other interests, the South African cement giant has revealed. Castle's resignation follows the departure of independent non-executive director Tito Mboweni, former Reserve Bank governor, who resigned on July 18 with no explanation. Castle has been at the helm for nearly three years at PPC, which is in the midst of negotiating a possible merger with its nearest rival Afrisam. Reuters news agency reports that PPC saw a 93% plunge in annu
PPC chief executive Darryll Castle is to step down immediately to pursue other interests, the South African cement giant has revealed.
Castle’s resignation follows the departure of independent non-executive director Tito Mboweni, former Reserve Bank governor, who resigned on July 18 with no explanation.
Castle has been at the helm for nearly three years at PPC, which is in the midst of negotiating a possible merger with its nearest rival Afrisam.
Reuters news agency reports that PPC saw a 93% plunge in annual earnings last month due to a liquidity crisis after Standard & Poor’s cut its credit rating to junk status last year, but its outlook has been improving.
Castle will resign with immediate effect but will be available to the group for six months to ensure a smooth handover, PPC said in a statement.
Johan Claassen, managing director of the South African cement business, has been appointed interim chief executive.
“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,” PPC said.
