March 2, 2018 / 11:42 AM / 4 months ago

S.Africa cement maker PPC taps Moleketi as chairman

JOHANNESBURG, March 2 (Reuters) - South Africa’s PPC appointed former deputy finance minister Jabu Moleketi as board chairman effective Friday, the cement producer said, just one month after replacing its chief executive.

PPC said outgoing chairman Peter Nelson had led the company through difficult times but it was now focused on a new strategy.

“Having achieved a number of significant milestones and stabilised the business, the board has now turned its attention to the future ambitions of the company,” it said in an emailed response.

Moleketi has served on numerous boards such as the Development Bank of Southern Africa, Brait SE, Remgro , Nedbank Group and mobile phone network operator Vodacom Group.

PPC which has operations in six countries across Africa, said last week it had nominated Moleketi as chairman.

“We are of the opinion that the fundamentals of the business are strengthening,” said Afrifocus analyst Tinashe Kambadza, adding that its performance was improving with the addition of other African operations.

PCC appointed Johan Claassen as CEO and executive director of the group in February.

Reporting by Tanisha Heiberg; editing by James Macharia and Tom Balmforth

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