PPC has appointed Matias Cardarelli as its new CEO for the next four years with effect from the last quarter of 2023.
Cardarelli has held various positions at a number of private cement companies including heading and chairing Natal Portland Cement (NPC) part of the Intercement group, and has led the operational and financial turnaround of Amreyah Cement in Egypt and scaling-up of Yguazu Cementos in Paraguay, PPC said.
PPC, Africa’s largest cement maker, announced in June that CEO Roland van Wijnen, whose contract began in 2019 and expired on August 31, would be extending his contract to the end of December to facilitate an appropriate handover and transition.
“I am excited to be joining PPC at this important time in its journey and highly value the trust placed in me by the board,” said Cardarelli. “I equally look forward to working together with the PPC team as we write this iconic company’s next chapter.”
The cement giant has been charging ahead with slashing debt and edging closer to resuming dividend payouts, last paid in November 2015.
The R4bn JSE-listed industrial group has been battling due to fallout from an ambitious African expansion strategy in which it racked up debt totalling about R5.2bn by the end of September 2020.
It dodged a rights issue in 2021 through asset disposals and improved cash generation and has since been on a course of restructuring and refinancing.
PPC is now looking to initiate returns to loyal investors as net debt is reduced to R800m from R1.06bn in its core market.
The board headed by Jabu Moleketi thanked outgoing CEO van Wijnen who led PPC through a strategic repositioning during his tenure while navigating the challenges posed by Covid-19.
“Cardarelli has a remarkable track record in the cement industry, across multiple emerging markets,” he said. “With this deep understanding of the local industry and his proven leadership skillset, Cardarelli will play a pivotal role in continuing to drive PPC’s growth, improve profitability and enhance returns,” said Moleketi.
PPC shares were little moved on Monday trading at R2.62, having climbed more than 20% in the year to date.
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