PPC Ltd., South Africa’s biggest cement maker, named Ketso Gordhan as chief executive officer to replace Paul Stuiver.
Gordhan, who worked in President Jacob Zuma’s office, takes over on Jan. 1, the Johannesburg-based company said in a statement today. Gordhan was the head of private equity at FirstRand Financial Services Group, PPC said.
PPC is focusing on expanding outside of South Africa to boost profit as economic growth in the continent’s biggest economy is set to decelerate to the slowest pace this year since the 2009 recession, according to the central bank. The Industrial Development Corp. and PPC agreed to buy about half of Ethiopia’s Habesha Cement Share Co. in July.
The shares fell 1.1 percent to 27.73 rand at 3:35 p.m. in Johannesburg, paring their gain this year to 1.2 percent.