Building materials provider PPC Limited has announced that CEO and executive director Matias Cardarelli has agreed to extend his employment contract through 31 March 2030.
The decision locks in executive leadership as the group enters the second phase of its “Awaken the Giant” turnaround strategy. Since Cardarelli assumed the CEO role in December 2023, PPC has repositioned its operational structure, more than doubling its market capitalisation.
Turnaround progress and execution
Over the past 32 months, the company delivered consecutive increases in earnings, profit margins, cash generation, and return on invested capital. The board noted that these gains were achieved despite a stagnant South African operating environment, driven instead by operational improvements and commercial cost discipline.
Read:
PPC appoints Barloworld-linked executive as new CFO
PIC rocked by governance woes … again
With the board describing the corporate turnaround as half complete, the primary value drivers for the next phase centre on capital projects and regional operations:
- Western Cape integrated plant (RK3): Completion and commissioning of the state-of-the-art integrated cement plant, with performance contributions expected in FY2028.
- Domestic operations: Continued operational optimisation across South African manufacturing plants.
- Zimbabwe expansion: Optimisation and growth initiatives, including prospects for a new integrated cement plant in Zimbabwe.
- Energy transition: The ramp-up of investments in renewable energy initiatives across operating markets.
Board endorsement
The board emphasised that maintaining leadership stability is critical to realising the remaining value embedded in the business model.
Highlighting the board’s rationale, PPC chair Jabu Moleketi stated: “I am pleased that Matias has accepted the offer to extend his contract through to 31 March 2030. Matias has done what he undertook. Under Matias’s exemplary leadership, PPC has achieved tremendous progress, particularly in the group’s strategic turnaround, as demonstrated by the financial results of the past two years. His leadership has transformed the business, built a strong leadership team, and started to create a real high-performance culture. At the same time, he has established a solid platform for growth.”