Former PPC CEO Ketso Gordhan has met “most” of the major shareholders in an effort to be reinstated. He does not regret his sudden departure.
Late last month, Gordhan resigned from PPC with “immediate effect” over “differences of opinion with the board. He subsequently unsuccessfully petitioned the board to reinstate him, leading him to lobby shareholders directly.
Gordhan later said he had “lost confidence” in the board for not dismissing an executive he said was “undermining” company strategy. The company had only two executives, Gordhan and finance director Tryphosa Ramano.
Bheki Sibiya, who has been appointed executive chairman until a new CEO is found, said the group was in a closed period until November 18 and was not able to “say anything”.
During his tenure at PPC, Gordhan announced the building of cement plants elsewhere in Africa and cut his pay from 120 times that of PPC’s lowest-paid worker to 48 times. He implemented an empowerment deal giving employees a 12% share of the company, and was outspoken about the government’s stalled infrastructure programme.
By Mark Allix
Read the full article here: http://www.bdlive.co.za/business/industrials/2014/10/08/gordhan-has-no-regrets-on-ppc-move