PPC CEO, Darryll Castle, resigns with immediate effect

PPC has announced that its CEO, Darryll Castle (pictured), has "agreed to part ways", with immediate effect. According to a statement, Johan Claassen, MD of the cement maker’s South African operations, will take over as interim CEO until a permanent appointment can be made.

PPC said that Castle has resigned all his directorships within the group but "will be available to the PPC group to ensure a smooth handover for a period of six months". He will be pursuing other interests, it added.

Castle is the second PPC CEO to leave with immediate effect: in August 2014, Ketso Gordhan resigned "due to differences of opinion with the board regarding board procedures for the approval of certain decisions".

Castle's departure comes not long after the announcement last week that Tito Mboweni, former Reserve Bank governor, resigned as an independent director on PPC's board.