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Johannesburg - The ousted former CEO of Pretoria Portland Cement (PPC) [JSE:PPC] said on Tuesday he would hold on to his shares in the cement maker even if he does not return as chief executive.
Ketso Gordhan resigned abruptly in September after the board refused to back his decision to fire an executive. He later rescinded his decision but the board refused to reinstate him.
Shareholders are expected to meet in early December to consider the removal of the company's board after three shareholders holding a combined 10% stake requested it.
"Even if I am not CEO, with an appropriate person that has been placed by the new board, I am going to hang on to my shares, because it's a company with great potential and a great team," Gordhan told CNBC Africa.
PPC shares have fallen 11% since the announcement of his resignation. Another executive, Richard Tomes, also stepped down last month.
Gordhan told local media he was canvassing shareholders to back his return to the company. Non-executive chairperson Bheki Sibiya is serving as executive chairman until the company picks a new CEO.
Major shareholders in PPC include the Public Investment Corporation, the government pension fund manager with nearly 12%, and Lazard Asset Management with just under 8 percent, according to Thomson Reuters data.
PPC is building cement plants in Ethiopia, Rwanda, the Democratic Republic of Congo and Zimbabwe with the aim of achieving 40% of its sales outside South Africa, where economic growth has been faltering.
The company currently makes about 24% its R4.5bn in annual revenue from the rest of Africa.
Ketso Gordhan resigned abruptly in September after the board refused to back his decision to fire an executive. He later rescinded his decision but the board refused to reinstate him.
Shareholders are expected to meet in early December to consider the removal of the company's board after three shareholders holding a combined 10% stake requested it.
"Even if I am not CEO, with an appropriate person that has been placed by the new board, I am going to hang on to my shares, because it's a company with great potential and a great team," Gordhan told CNBC Africa.
PPC shares have fallen 11% since the announcement of his resignation. Another executive, Richard Tomes, also stepped down last month.
Gordhan told local media he was canvassing shareholders to back his return to the company. Non-executive chairperson Bheki Sibiya is serving as executive chairman until the company picks a new CEO.
Major shareholders in PPC include the Public Investment Corporation, the government pension fund manager with nearly 12%, and Lazard Asset Management with just under 8 percent, according to Thomson Reuters data.
PPC is building cement plants in Ethiopia, Rwanda, the Democratic Republic of Congo and Zimbabwe with the aim of achieving 40% of its sales outside South Africa, where economic growth has been faltering.
The company currently makes about 24% its R4.5bn in annual revenue from the rest of Africa.
