Replacing its CEO halfway through his contract cost PPC nearly R19m, the cement producer’s annual report released on Tuesday showed.
Former PPC CEO Darryll Castle’s total remuneration for its 2018 financial year came to R18.9m — of which R16.8m was described as "other" in addition to his R1.8m salary and R248,000 retirement and medical aid contributions.
Castle’s hefty exit payout followed the R16.7m his predecessor Ketso Gordhan received in 2014.
"PPC’s outgoing CEO, Mr Darryll Castle, was on a five-year employment contract and his services terminated on July 31 2017. At the time of his termination, Mr Castle had served 31 months of his 60-month contract. In terms of the contractual agreement, Mr Castle received an exit payment reflecting his pay for the remaining term of the contract and received an amount in respect of accrued leave," the annual report said.
Castle was replaced by Johannes Claassen whose remuneration was R7.3m for its 2018 financial year.
In its 2017 financial year, Castle’s remuneration was R7.7m and Claassen’s was R4.7m.