PPC Cement joint MD, Richard Tomes resigns

23 October 2014

A long-standing executive of SA’s PPC has left the company, the cement maker said on Thursday, becoming the latest departure following a high-profile tussle between the board and its former CE, BusinessDay Live reports.  

PPC said in a statement that Richard Tomes had resigned as joint MD to pursue other opportunities.

Shares of PPC were down 1.5% at R28.03 at 1.05pm GMT.

Mr Tomes and Johan Claassen were in charge of PPC’s core South African business in the face of growing competition and a slowing economy while the company embarks on an ambitious expansion strategy in Africa.

Mr Tomes’ resignation comes amid a shareholder plan to replace the PPC board, which a month ago accepted the resignation of CEO Ketso Gordhan, who cited differences of opinion with the board.

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