Displaying items by tag: CEO
PPC board reveals alleged resignation 'reasons'
06 November 2014South Africa: The board of PCC has accused former CEO Ketso Gordhan of defamation and published the circumstances behind his resignation, according to local media.
Initially the board of PPC stated that Gordhan had resigned due to 'a difference of opinion' regarding board procedures. However, Gordhan later said that he had lost confidence in the board for not dismissing an executive who was 'undermining company strategy.' PPC had only two executives at the time, Gordhan and CFO Tryphosa Ramano.
PPC said the reasons Gordhan had given for wanting to fire CFO Ramano included that she 'had a bigger office than him' and had requested a reserved parking spot. Ramano had also refused to participate in a voluntary salary sacrifice scheme aimed at raising the wages of lower-level workers and was 'interrogating a loan agreement' which Gordhan had verbally agreed to with a potential funder. The board said that Ramano had ill-treated an employee whom Gordhan had employed.
The board was of the view that the reasons advanced by Gordhan were not substantive and did not warrant the termination of the CFO. Additionally, PPC said that Gordhan had resigned twice in his 20-month stint as CEO.
According to Gordhan PPC's statement is, "Making a complete mockery of the substantial reasons I presented to the board and shows the board's inability to actually deal with the relevant matters impacting the business and shareholder value."
Gordhan attempts to be reinstated as CEO of PPC
09 October 2014South Africa: Former PPC CEO Ketso Gordhan has met most of the major PPC shareholders in his battle to be reinstated to the top executive job, saying that he did not regret suddenly leaving the group. Gordhan shocked the market on 22 September 2014 when he resigned from PPC with immediate effect. He subsequently unsuccessfully petitioned the board to reinstate him, which spurred him on to lobbying shareholders directly to reappoint him.
"I have met with most shareholders and the issue is in their hands," said Gordhan. "Clearly, I would like to be back in my job — I would like to finish what I started." PPC said that he had 'regrettably resigned' over 'differences of opinion with the board, regarding board procedures for the approval of certain decisions.' Gordhan later said that he had lost confidence in the board for not dismissing an executive that he said was undermining company strategy. The company had only two executives, Gordhan and finance director Tryphosa Ramano.
Gordhan has canvassed the following shareholders: Public Investment Corporation (10.99%): State Street (10.86%): Lazard (6.88%): Foord (3.41%). Gordhan has not yet met PPC's black economic empowerment shareholders, including the PPC SBP Consortium Funding SPV, which holds 6.6%.
CEO of PPC resigns after clash with the board
23 September 2014South Africa: The CEO of PPC, Ketso Gordhan, resigned abruptly on 22 September 2014. The company cited clashes between him and the board. Gordhan, who was appointed at the start of 2013, 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.
PPC said that Gordhan's departure was prompted by 'differences of opinion' with the board, regarding 'procedures for the approval of certain decisions.' However, he has agreed to continue to provide input to crucial projects he was leading. The non-executive chairman Bheki Sibiya will act as the executive chairman until the appointment of a new CEO.