PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According to Business Day, Mboweni allegedly quit over irreconcilable differences about the strategic direction of the company and its proposed merger with Afrisam.
Castle will be available to PPC to ensure a smooth handover for a period of six months, the company said in a statement.
Castle joined the board of the cement producer during a time when the company was downgraded to junk. According to a statement from PPC, he was instrumental in stabilising the company and overseeing the commissioning of several new projects.
Chairman of the board Peter Nelson said that the Nominations Committee will commence the process to appoint a permanent CEO immediately. In the interim Johan Claassen, the Managing Director of the South African cement business, has been appointed as CEO of PPC.
He holds a BEng (University of Stellenbosch) and EDP (Wits Business School) and has served as a member of the group executive team since January 2013. Claassen has more than 28 years’ experience in all facets of the cement industry and has been with PPC for that period.