PPC's CEO is to resign

Darryll Castle, Pretoria Portland Cement's (PPC) CEO, is stepping down to pursue other interests. PPC announced in a statement that Mr Castle will still be available to the group for six months to ensure a smooth handover.

Johan Claassen, managing director of the South African cement business, has been appointed as interim chief executive.

PPC reported a 93 per cent decline in full-year earnings in June, due to a liquidity crisis precipitated by the cut in ithe company's credit rating to junk status.

The company also announced that Tito Mboweni, an independent non-executive director, and Chair of the Social, Ethics and Transformation Committee of the board of PPC, resigned from the board of PPC with effect from 18 July 2017.