Darryll Castle, chief executive of PPC is to step down immediately to pursue other interests, the South African cement giant says.
Castle's resignation follows the departure of independent non-executive director Tito Mboweni, former Reserve Bank governor, who resigned on July 18 with no explanation.
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Darryll Castle, chief executive of PPC, is to step down immediately[/caption]
Castle has headed PPC for nearly three years. The company is in the midst of negotiating a possible merger with its nearest rival Afrisam.
PPC saw a 93% plunge in annual earnings last month due to a liquidity crisis after Standard & Poor's cut its credit rating to junk status last year, but its outlook has been improving.
Castle will resign with immediate effect but will be available to the group for six months to ensure a smooth handover, PPC said in a statement.
Johan Claassen, managing director of the South African cement business, has been appointed interim chief executive.
"Mr Castle joined the board at a difficult time and was instrumental in stabilising the company and overseeing the commissioning of several new projects for which the board is most grateful," PPC said.
