Pretoria Portland Zimbabwe (PPC) chairman Todd Moyo faces boot from the PPC South Africa board at the company’s general meeting called for December 8.
Moyo, who owns a 4.9 percent stake in PPC Zimbabwe – together with prominent lawyer Stanford Moyo – is among a 11-member board that is facing imminent dissolution.
According to a statement released by the cement manufacturer, the current board “needs to be replaced with a functional board with the correct expertise to run the company and that this needs to be done as soon as possible in order to restore continuity to the operations and strategy of the company and is in the best interest of all stakeholders including shareholders and employees.”
This comes as the power struggle in PPC has reached boiling point following the resignation of group chief executive Ketso Gordhan in September after the board blocked him from firing his chief financial officer.
The current board, comprising of Bheki Lindinkosi Sibiya, Tim Dacre Aird Ross, Tryphosa Ramano, Darryl Castle, Zibusiso Janice Kganyago, Nomalizo Beryl Langa-Royds, Mangalani Peter Malungani, Sydney Knox Mhlarhi, Bridgette Modise, Joe Shibambo and Moyo, is also accused of failing to have “the correct expertise to run the company.”
Moyo was appointed to the PPC board of directors as an independent non-executive director last year.
He is chairman and chief executive of Datlabs in Bulawayo and has served as non-executive director of Zimplow. He also sits on the boards of National Foods Holdings, Mater Dei Hospital, Falcon College and Masiyephambili College.- The Source