Ketso Gordhan loses PPC battle

2014-12-03 10:14

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Ketso Gordhan has lost his fight to be reinstated as chief executive of cement company PPC.

PPC announced today that next week’s special meeting, which was called to vote off the board of PPC and reinstate Gordhan, has been cancelled.

Foord Asset Management, Visio Capital Management and Nedbank Private Wealth, who were behind Gordhan’s bid, had called for the meeting, which was to take place on Monday.

But it appears that executive chairperson Bheki Sibiya has been talking to them, and they have agreed on a compromise.

The three investment companies had called for the board to be overhauled and their own nominees put in place.

There may still be some casualties, as PPC will “reconstitute” the board at its annual general meeting in late January.

While Gordhan believed PPC’s Africa strategy, among other things, could not be executed without him, PPC has committed to continue the Africa expansion.

The new board will have 12 nonexecutive directors and “shall not include any current or former permanent executive directors of PPC who have served as such within the 10 year period immediately preceding the date of the annual general meeting”.

This seems a dramatic step in terms of lack of continuity, although six will remain during a “transition phase”.

Sibiya will step down after the transition phase.

Peter Malungani, Sydney Mhlarhi, Tim Ross, Todd Moyo and Bridgette Modise will remain on the board, while a number of others will not be available for reappointment.

Nominations for new board members include those the three investment companies put forward for next week’s now cancelled meeting. They include Claudia Manning, Gesina Trix, Bobby Godsell, Peter Nelson, Itumeleng Dlamini and Keshan Pillay.

Not a word was said about Gordhan, who appears to have been left out.

In our earlier report on PPC we said that six board members will remain during a “transition phase”. In fact, six will remain on the board indefinitely. Only executive chairman Bheki Sibiya will step down after the transition phase. We apologise for the error. 

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