Displaying items by tag: Resignation

Denmark: FLSmidth’s chief financial officer (CFO) Lars Vestergaard has agreed with the board of directors to resign from the company, effective immediately. FLSmidth has stated as the reason for the change a need for ‘a different set of competences to strengthen our organisation and execute long-term financial targets.’ It thanked Vestergaard for his commitment and dedication in helping FLSmidth achieve milestones in ‘creating a stronger and more focused organisation. FLSmidth Head of Group Reporting and Compliance Naja Barrisøe supersedes Vestergaard as interim CFO until the newly appointed CFO joins the company on or before 1 July 2020.

Nigeria: Dangote Cement’s non-executive director Fideli Madavo has resigned from his position on the company’s board. Madavo represented the stakeholder Public Investment Corporation (PIC), South Africa’s state pension fund, where he is head of resources and portfolio manager for strategic and African listed investments. The company has not stated a reason for the change.

Russia: 577 Gornozavodskcement employees became unemployed in the six months to 30 June 2019. 87 resigned, 195 retired and 295 left by agreement with the company. This follows South Ural Mining and Processing’s takeover of the struggling cement producer in December 2018. Kommersant has reported that the liquidation of auxiliary departments is a part of unit optimisation which extends to the company’s facilities, with the site of a planned dry line at its 2.2Mt/yr (wet) integrated Perm cement plant being used for parking. Wages have reportedly risen for the remaining three quarters of the Gornozavodskcement’s original staff.

South Africa: Peter Nelson has resigned as the chairman of PPC. He has been replaced by Jabu Moleketi. The changeover follows the demand in late February 2018 by Prudential Investment Managers, a large shareholder of PPC, that Nelson leave the role. Sydney Mhlarhi and Dawn Earp have also resigned as non-executive directors of the cement producer.

Moleketi is the Non-Executive Chairman of Brait as well as the Development Bank of Southern Africa (DBSA), Vodacom and Harith General Partners. He was the Deputy Minister of Finance (South Africa) from 2004 to 2008 and MEC of Financial and Economic Affairs in the Gauteng Provincial Government from 1994 to 2004. During his tenure as the Deputy Minister of Finance, he was the chairperson of the Public Investment Corporation. Moleketi holds a Masters in Financial Economics from the University of London and an Advanced Management Programme from Harvard.

Other personnel changes include the appointment of Noluvuyo Mkhondo and Antony Ball to the board as non-executive directors of PPC.

Mkhondo is an investment banking and corporate finance professional, having spent time at Goldman Sachs International and Anglo American in the UK where she was responsible for mergers and acquisition execution, investment evaluation and strategic long term financial planning. During her time at Goldman Sachs and Anglo American, she executed cross-border transactions in Consumer / Retail, Healthcare, Real Estate and Metals and Mining across the UK, Africa and the Americas. Mkhondo is a Chartered Accountant by profession, having begun her career in the Audit and Advisory Financial Institutions services Team at Deloitte in Johannesburg. In addition, she has an MBA from London Business School where she was a Mo Ibrahim Scholar.

Ball is the co-founder of Value Capital Partners (VCP). Prior to that, his notable business accomplishment was the founding in 1990 and building of Brait, a South African private equity business. Ball is a qualified Chartered Accountant.

India: IDBI Bank has decided to withdraw the nomination of S K Mohapatra from the board of debt-ridden Jaiprakash Associates. In a BSE filing, crisis-hit Jaiprakash Associates informed that Subrat Kumar Mohapatra, the chief general manager of IDBI Bank, has resigned from the board. IDBI Bank has decided to withdraw the nomination of Subrat Kumar Mohapatra from the board of directors of the company with immediate effect, the filing said. Mohapatra thus ceased to be director of the company with effect from 13 February 2018.

Jaiprakash Associates, the flagship firm of the Jaypee Group, has interests in cement, construction, hospitality, power and real estate businesses. The company has divested a number of its assets, including cement plants, to reduce debt.

India: Manoj Agarwal has resigned as the company secretary and compliance officer of Star Cement, with effect from 2 August 2017. His successor is Debabrata Thakurta, a member of the Institute of Company Secretaries of India.

Switzerland: Eric Olsen, the chief executive officer of LafargeHolcim, has denied that his departure from the group is connected to payments to armed groups in Syria. Olsen announced his resignation following a review into a conduct of a cement plant in Syria, according to the Associated Press. However, he was found not responsible or even aware of the misconduct. Olsen told reporters at the publication of the group’s first quarter financial results that his decision to leave was not related to Syria but he did acknowledge ‘tensions’ at the company. LafargeHolcim hopes to have recruited a replacement for Olsen by the end of 2017.

India: Adesh Gupta, UltraTech Cement's non-executive director, has resigned from the board with effect from 30 June 2015. Gupta cited time constraints for pursuing professional and personal engagements as reasons for his stepping down.

South Africa: The CEO of PPC, Ketso Gordhan, resigned abruptly on 22 September 2014. The company cited clashes between him and the board. Gordhan, who was appointed at the start of 2013, leaves the company in the middle of an expansion drive into the rest of Africa that he had spearheaded to offset slowing demand at home.

PPC said that Gordhan's departure was prompted by 'differences of opinion' with the board, regarding 'procedures for the approval of certain decisions.' However, he has agreed to continue to provide input to crucial projects he was leading. The non-executive chairman Bheki Sibiya will act as the executive chairman until the appointment of a new CEO.