South African-based PPC has appointed Peter Nelson as interim chairman of the listed cement and lime producer, following the retirement of former chairman, Bheki Sibiya, at the end of January.
Nelson was appointed to the PPC board as an independent non-executive director in January this year.
His experience covers manufacturing, mining, telecommunications, healthcare, leisure, property, packaging and the motor industry in listed and private entities in South Africa, the UK, Zimbabwe and Nigeria and he has served as chief financial officer on several boards, including Telkom, Netcare and Mondi.
On the back of the news, shares in PPC rose 0.72 per cent yesterday to close at ZAR12.59 (US$0.84). Shares in PPC had plunged by as much as 7.76 per cent on 26 January when PPC announced Mr Sibiya's resignation. Sibiya's decision to stand down was not unexpected, but the failure to announce a new chairman was not well received by the market, particularly as he had indicated in 2014 that he intended to step down as chairman and a member of the board once stability had been established.
