Former PPC CEO clarifies resignation

"The board and I disagreed about their appropriate delegation of authority and the limits of my decision making on personnel matters," the former PPC executive said in a statement.

"Specifically, they opposed my desire to exit a senior executive from the business whom I believed was putting the strategy of the company at risk."

He said as CEO he was authorised to make that decision.

"The ensuing interference by the board led to my loss of confidence in their ability to manage the business in a manner that is consistent with shareholder interests."

 

PPC said on Monday it had nothing further to say about Gordhan's resignation.

Gordhan said he remained a material shareholder, and would go back as CEO "in a heartbeat" if shareholders agreed it was in the company's best interests.

"While there is a very strong operational team in place, PPC still faces a number of strategic execution and internal alignment challenges that I believe I am well positioned to overcome as CEO," he said.

"I remain passionate about PPC, about the strategy we have put in place and about the excitement, loyalty and commitment we have created."

On Tuesday, the Chamber of Mines said its chief executive Bheki Sibiya was appointed interim executive chairman of PPC.

 

The chamber's chief operating officer Roger Baxter would serve as acting chief executive until the end of December.

 

PPC issued a statement about Gordhan's resignation last Monday.

"Ketso regrettably resigned due to differences of opinion regarding board procedures for the approval of certain decisions," it said at the time.
      

 

(File photo: Gallo Images)