Why Tito Mboweni quit PPC’s board
Nonexecutive director’s decision to step down with immediate effect may be linked to the company’s proposed merger with Afrisam
Tito Mboweni’s unexpected resignation from PPC’s board has prompted speculation that it might relate to an irreconcilable disagreement about the strategic direction of the cement producer, specifically about the proposed merger with Afrisam. PPC told shareholders on Wednesday that Mboweni, an independent nonexecutive director, had resigned with immediate effect. Mboweni, who was appointed to the board after a boardroom battle in 2014, was chairman of PPC’s social, ethics and transformation committee. The announcement of his resignation came two days after PPC told shareholders that formal talks about a merger with Afrisam were continuing. PPC would not elaborate on reasons for the resignation and Mboweni did not respond to a request for comment. There has been no indication Mboweni is resigning from any of his other directorships, which suggests the issue is specific to PPC. Mboweni, a former Reserve Bank governor and labour minister, is chairman of Nampak, Sacoil and Accelerate Pro...
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