South Africa: PPC has announced that its CEO Darryll Castle will be stepping down to pursue other interests. In a statement PPC said that Castle will remain ‘available’ to the group for six months to ensure a smooth handover. Johan Claassen, the current managing director of PPC, has been appointed as the interim CEO.
PPC reported a 93% fall in full-year earnings in June 2017 due to a liquidity crisis precipitated by the cut in its credit rating to junk status.
Meanwhile, the resignation of Tito Mboweni, one of PPC’s independent non-executive directors has fuelled speculation in the South African press about the ongoing merger discussions between PPC and Afrisam. Some believe that there may be ‘irreconcilable disagreement’ between Mboweni and the wider board about the strategic direction of PPC with respect to Afrisam.