IT’S impossible not to think about the mess at PPC without looking back a few years to the boardroom battle that gripped the investment community in 2014.Tensions between then CEO Ketso Gordhan and financial director Tryphosa Ramano spilled out into the public in dramatic form when Gordhan resigned and then attempted to withdraw his resignation.In September 2014 Gordhan resigned because of what was speculated to be a poorly functioning board, which he was unable to address effectively. He then decided to try to garner the support of PPC’s shareholders to implement the sort of board structure he believed would function more effectively. After four months of lobbying, which at times looked as though it would produce the outcome Gordhan wanted, shareholders at the annual general meeting (AGM) in January 2015 made it clear there was no room for Gordhan.Shareholders who backed Gordhan had reached a settlement of sorts ahead of the AGM. A major condition was that Ramano would retire from ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.