Gordhan attempts to be reinstated as CEO of PPC

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South Africa: Former PPC CEO Ketso Gordhan has met most of the major PPC shareholders in his battle to be reinstated to the top executive job, saying that he did not regret suddenly leaving the group. Gordhan shocked the market on 22 September 2014 when he resigned from PPC with immediate effect. He subsequently unsuccessfully petitioned the board to reinstate him, which spurred him on to lobbying shareholders directly to reappoint him.

"I have met with most shareholders and the issue is in their hands," said Gordhan. "Clearly, I would like to be back in my job — I would like to finish what I started." PPC said that he had 'regrettably resigned' over 'differences of opinion with the board, regarding board procedures for the approval of certain decisions.' Gordhan later said that he had lost confidence in the board for not dismissing an executive that he said was undermining company strategy. The company had only two executives, Gordhan and finance director Tryphosa Ramano.

Gordhan has canvassed the following shareholders: Public Investment Corporation (10.99%): State Street (10.86%): Lazard (6.88%): Foord (3.41%). Gordhan has not yet met PPC's black economic empowerment shareholders, including the PPC SBP Consortium Funding SPV, which holds 6.6%.

Last modified on 15 October 2014

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