JOHANNESBURG, July 24 – Cement producer PPC announced on Monday that it has agreed to part ways with its chief executive, Darryll Castle, and that he has subsequently decided to resign his PPC group directorships.
PPC said Castle will be pursuing other interests, but will be available to ensure a smooth handover for a period of six months.
Speaking on behalf of the board, PPC chairman Peter Nelson said Castle joined the board at a difficult time and was instrumental in stabilising the company and overseeing the commissioning of several new projects.
Nelson said that the nominations committee would commence the process to appoint a permanent chief executive immediately.
“With immediate effect and in the transitional period 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,” Nelson said in a statement.
Claassen is an engineer and has served as a member of the PPC group executive team since January 2013.He has more than 28 years’ experience in all facets of the cement industry and has been with PPC for that period.
Last week, former Reserve Bank governor Tito Mboweni also resigned as an independent non-executive director and chair of the social, ethics and transformation committee of the board of PPC.