October 10, 2019 / 11:58 AM / 12 days ago

South African cement group PPC's CFO Ramano to step down

JOHANNESBURG (Reuters) - South African cement company PPC Ltd said on Thursday Chief Financial Officer Tryphosa Ramano, who was also an executive director, is to step down on Oct. 31.

Ronel van Dijk, a former CFO of Spur Corporation Ltd, has been appointed as interim CFO and as an executive director from Nov. 1 until a permanent CFO is appointed, the company said.

Ramano, who joined PPC in August 2011, has helped PPC deliver on its strategy to grow outside South Africa, with revenue in the rest of Africa increasing by about 80% over the period, according to PPC.

“Ms Ramano has indicated she is stepping down to pursue personal interests, PPC said in a statement. “Ms Ramano has agreed to take on a consultancy role with PPC which will see her avail her services to PPC in order to ensure continuity.”

At 1249 GMT, shares in PPC were up 5.87% at 3.79 rand, paring gains after jumping to 3.89 rand shortly after the announcement.

Ramano’s exit comes more than three-months after PPC appointed ex-LafargeHolcim veteran Roland van Wijnen as its next Chief Executive Officer following a lengthy global search.

Reporting by Nqobile Dludla; Editing by Edmund Blair and Jane Merriman

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