No place for Gordhan in PPC board reshuffle

Johannesburg - Cement company PPC [JSE:PPC] said on Wednesday it would reshuffle its board, bowing to shareholder pressure, but without reinstating the former chief executive who had lobbied to return as a director.

PPC, which has been embroiled in a drawn-out battle between its board and former CEO Ketso Gordhan, said in a statement that four of its current directors will step down and be replaced by six new ones, expanding the number of directors to 12.

Gordhan separately told Reuters he believed it "very unlikely" he will be asked to return to the company.

Shareholders in PPC were due to vote to remove the board next Monday in a resolution put forward by three minority shareholders, who had also backed Gordhan as a director.

However, the shareholders have agreed to withdraw that demand in favour of the reshuffling plan. Gordhan was not among the latest slate of candidates for new board positions released on Wednesday.

Fewer than half of the shareholders have asked it to reinstate Gordhan, PPC's chairperson said on Wednesday.

"There were significantly fewer than 50% who wanted him back," Bheki Sibiya told Reuters.