Johannesburg - Cement firm PPC Ltd on Wednesday named a mining industry veteran as chief executive, ending a three-month leadership vacuum that has hit its shares.
PPC's former Chief Executive Ketso Gordhan abruptly resigned in September after clashing with the board. He then launched an acrimonious campaign to have the directors removed and win his job back.
This month, the company bowed to shareholder pressure and agreed to reshuffle its board, but without reinstating Gordhan. The bickering took its toll on investor confidence, coming at a time PPC is expanding into the rest of Africa.
PPC said in a statement that Darryll Castle would take over as CEO from January 12. Castle previously worked as chief operating officer at base metal miner Metorex, which has since been acquired by China's Jinchuan Group.
A chartered financial analyst, he has been CEO of Trafigura Mining Group and Anvil Mining Ltd, PPC said. Castle's experience includes projects in Zambia, Angola and Tanzania.
Shares of PPC were down 1.8 percent in a generally weaker market following the announcement. The shares have lost a quarter of their value since Gordhan's resignation. - Reuters