PPC, the JSE-listed cementitious product maker and distributor, said yesterday Matias Cardarelli had been appointed CEO to succeed Roland van Wijnen, whose contract expired on August 31 and was extended to December 31 to help the handover and transition.
PPC’s board thanked Van Wijnen, who had repositioned the group by restructuring its debt, realigned its governance and reporting procedures and refocused its growth objectives in southern Africa, while at the same time navigated the challenges of Covid-19.
PPC has also, according to previous reports, faced lower demand for its products due to declining investment in infrastructure and a weak consumer environment in its South Africa operations.
PPC chairperson Jabu Moleketi said Cardarelli has a remarkable track record in the cement industry, across multiple emerging markets, having also spent the last five years in South Africa as CEO and chairperson of Natal Portland Cement (NPC), part of Intercement group.
“During his tenure at NPC he successfully transformed the organisation by improving efficiencies, boosting margins and Ebitda, and increasing cash generation. With this deep understanding of the local industry and his proven leadership skill set, Mr Cardarelli will play a pivotal role in continuing to drive PPC’s growth, improve profitability and enhance returns,” said Moleketi.
Prior to moving to South Africa in 2019 to join NPC, Cardarelli led the operational and financial turnaround of Amreyah Cement in Egypt and scaling-up of Yguazu Cementos in Paraguay. Following the onset of Covid 19 and the emergence of a new entrant in the Mozambican cement market, Cardarelli’s portfolio was expanded to include Cimentos de Mozambique, where he successfully implemented an operational and commercial plan to return the company to profitability.
Cardarelli said in a statement: “I am excited to be joining PPC at this important time in its journey.”
Cardarelli signed a four-year contract with PPC which was subject to obtaining the necessary work permit and was expected to start during the last quarter of 2023.
“Matias’s appointment marks an exciting new chapter for PPC and a natural transition in leadership. We are confident that under his leadership, PPC will continue to grow from strength to strength and deliver sustainable results and benefits for all its stakeholders,” said Moleketi
PPC’s share price slipped 0.76% to R2.80, which was slightly higher than the price a year ago of R2.64.
BUSINESS REPORT