PPC names interim chairman

Cement supplier PPC appoints Peter Nelson as interim chairman following the retirement of former chairman Bheki Sibiya.

Johannesburg - Cement supplier PPC has appointed Peter Nelson as interim chairman of the listed cement and lime producer, following the retirement of former chairman Bheki Sibiya at the end of January.

Shares in PPC plunged by as much as 7.76 percent on January 26 when PPC announced his resignation.

Read: PPC shares knocked by chairman's exit

Sibiya’s decision to stand down was not unexpected, but the failure to announce a new chairman was not well received by the market, particularly as he had indicated in 2014 that he intended to step down as chairman and a member of the board once stability had been established.

Shares in PPC rose 0.72 percent yesterday to close at R12.59.

Nelson was appointed to the PPC board as an independent non executive director in January this year. His experience covers manufacturing, mining, telecommunications, healthcare, leisure, property, packaging and the motor industry in listed and private entities in South Africa, the UK, Zimbabwe and Nigeria and he has served as chief financial officer on several boards, including Telkom, Netcare and Mondi.

BUSINESS REPORT