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Johannesburg - The resignation of the Pretoria Portland Cement (PPC) [JSE:PPC] CEO had resulted in a rapid fall in the company's shares, the Black Management Forum (BMF) said on Tuesday.
"It is regrettable to note the resignation of the CEO of South African Cement maker PPC has caused a rapid fall in the company's shares," spokesperson Themba Dlamini said in a statement.
The BMF lauded Ketso Gordhan's unselfish leadership.
Gordhan took a R1m pay cut last year and froze his top 60 managers' remuneration in order to increase the wages of the company's 1200 lowest earners, he said.
The BMF wished Gordhan well in his future endeavours.
Earlier on Tuesday, the Chamber of Mines chief executive Bheki Sibiya was appointed interim executive chairperson, the chamber said.
"This interim appointment has been approved by the office bearers of the Chamber of Mines and is with immediate effect and until 31 December 2014," it said in a statement.
The chamber's chief operating officer Roger Baxter would serve as acting chief executive until the end of December.
Gordhan resigned on Monday with immediate effect, Business Day reported. He was appointed CEO in January last year.
"Ketso regrettably resigned due to differences of opinion regarding board procedures for the approval of certain decisions," the newspaper quoted PPC saying.
Analysts told the publication the reported clash may be a recent development as Gordhan had purchased just under R10m of the company's shares last month.
The announcement resulted in PPC's share price falling 7.69% to close at R30 on the Johannesburg Stock Exchange on Monday.
