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Jabu Moleketi nominated as PPC chairman

As cement maker aims to align the board with its strategic priorities.
Picture: Moneyweb

South African cement producer PPC said Jabu Moleketi has been nominated for the position of chairman of the board to succeed its current chairman Peter Nelson, as it aims to align the board with its strategic priorities.

Read: PPC shareholder Prudential is said to demand chairman’s exit

Moleketi is currently chairman of mobile phone network operator Vodacom Group and has served on numerous boards such as the Development Bank of Southern Africa, Brait , Remgro, Nedbank Group and MMI Holdings.

“The Company wishes to inform shareholders that it is in discussions with its largest shareholders with regard to aligning the composition of the board with its strategic priorities,” PPC said in a statement, without saying who had nominated Moleketi.

Shares in PPC rose 1.27% to R8 following the announcement.

The firm, with operations in six countries across Africa, said nominations will be evaluated and appointments made soon.

Bloomberg, quoting unnamed sources, had said earlier Prudential Investment Managers South Africa, PPC’s second largest shareholder, had sent a formal request to PPC demanding chairman Peter Nelson’s removal.

“Under the leadership of Peter Nelson, the PPC Board of directors has successfully led the Company through a period of significant headwinds,” PPC said.

“Having achieved a number of significant milestones and stabilised the business, the Board has now turned its attention to the future ambitions of the Company.”

In February Johan Claassen was appointed permanent group Chief Executive after the abrupt resignation of then CEO Darryll Castle.

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COMMENTS   3

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PPC played musical chairs with its CEOs, hope not the same with their chairs!

There’s anything but musical chairs

This is a very suspicious move by Prudential, three questions: why did they not meaningfully contribute whilst all the so-called suitors were interested in PPC. Did the “vested interest” now get to Prudential and Is JM the inside-man for PICAFRISAM financial disaster to be rescued by forcing a merger. Sadly this will be the end for both in 5 years..

End of comments.

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