CEO Of SA’s Largest Cement Producer Resigns After Failed Attempt To Dismiss Senior Management

 Mzwandile Jacks Careers & Education, Leadership

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VENTURES AFRICA – Ketso Gordhan, the former CEO of South Africa’s biggest cement maker, PPC, quit his job at the helm of the firm last week because the board had rejected his bid to let a senior manager go, it emerged at the weekend.
According to City Press, South Africa’s second biggest Sunday English language newspaper, reported that the senior manager had been accused of hindering the firm’s growth strategy.
Gordhan has been the driving force behind the
company’s African expansion strategy, which saw the company expand aggressively into parts of the continent including the DRC, Zimbabwe, Rwanda and Ethiopia.
At the weekend, the City Press reported that Gordhan gave up his fight to have the manager fired because the board failed to support him.
Last week, Gordhan stepped down with immediate effect in what was attributed to “differences of opinion with the board”.
PPC said Bheki Sibiya, the non-executive chairman, would be appointed executive chairman until the search for the new CEO is completed.
The company’s share price sagged 7.14 percent to R30.18 in late Monday trade on the news. However, the famous CEO has suggested that he may fight to get his job back.
“I have received significant feedback from shareholders, as well as colleagues. I feel encouraged to engage in some shareholder activism,” City Press quoted Gordhan as saying. Gordhan is the biggest individual shareholder in PPC, with about 1.4 million shares.