PPC CEO quits after clash with board

Johannesburg - The chief executive of cement maker PPC [JSE:PPC] quit abruptly on Monday, with the company citing clashes between him and the board, sending its shares more than 6% lower.

Ketso Gordhan, who was appointed at the start of last year, leaves the company in the middle of an expansion drive into the rest of Africa that he had spearheaded to offset slowing demand at home.

"I am leaving with a heavy heart," Gordhan said in a statement released by the company.

Shares in PPC slumped 6.15% to R30.50 by 16:08, on course for their biggest daily percentage decline since January.

PPC said that Gordhan's departure was prompted by "differences of opinion" with the board, regarding "procedures for the approval of certain decisions." but that he had agreed to continue providing input to crucial projects he was leading.

Non-executive chairperson Bheki Sibiya will become executive chairperson until the appointment of the new CEO, the company said, adding that it has started the recruitment process.