AfriSam said to appoint new CEO to accelerate merger with PPC
AfriSam is set to replace its CEO to help pave the way towards a merger with listed rival PPC, according to three people familiar with the matter. Stephan Olivier’s departure from the cement company after almost seven years at the helm could be announced as soon as Friday, said the people, who asked not to be identified as the information is private. He would be replaced on a short-term contract by Rob Wessels, a former chief investment officer at AfriSam’s black empowerment partner Phembani Group, they said. That would leave PPC CEO Darryll Castle as the prime candidate to take control of the combined entity. The new management team would be expected to secure a tie-up with PPC, possibly through a reverse of AfriSam into its competitor’s listing, two of the people said. Phembani, co-founded by MTN chairman Phuthuma Nhleko, would own a significant stake in the combined company alongside the Public Investment Corporation (PIC), Africa’s largest money manager and AfriSam’s biggest sha...
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