• Matias Cardarelli appointed as PPC CEO, bringing extensive cement industry experience.
• Cardarelli's successful track record includes boosting margins and cash generation.
• PPC aims to drive growth and profitability under Cardarelli's leadership.

Harare- In a significant strategic development, PPC, the renowned cement producer, has announced the appointment of Mr. Matias Cardarelli as its Chief Executive Officer (CEO). The appointment comes at a crucial juncture for the company as it seeks to navigate a challenging market landscape and build on its recent trading update, which projected a decline in earnings. Mr. Cardarelli's extensive experience and remarkable track record in the cement industry make him a valuable addition to PPC's leadership team.

With a deep understanding of the cement industry and a proven leadership skillset, Mr. Cardarelli is well-positioned to steer PPC towards sustainable profitability. His appointment follows a comprehensive search for a suitable successor to Mr. Roland van Wijnen, whose contract expired in August 2023. To ensure a smooth transition, Mr. van Wijnen's tenure has been extended until December 2023.

Mr. Cardarelli brings a wealth of experience gained from his previous roles in the cement industry across multiple emerging markets. Notably, he spent the last five years in South Africa as the CEO and Chairman of Natal Portland Cement (NPC), a part of the Intercement group. During his tenure at NPC, he spearheaded a transformation by driving operational efficiencies, improving margins and EBITDA, and enhancing cash generation.

Prior to his time in South Africa, Mr. Cardarelli successfully led the operational and financial turnaround of Amreyah Cement in Egypt and played a pivotal role in scaling up Yguazu Cementos in Paraguay. Moreover, he demonstrated his capabilities by implementing an operational and commercial plan to return Cimentos de Mozambique, a Mozambican cement company, to profitability amidst the challenges posed by the COVID-19 pandemic and new market entrants.

Expressing his excitement about joining PPC, Mr. Cardarelli stated, "I am thrilled to be joining PPC during this critical phase of its journey and deeply appreciate the trust placed in me by the Board. I look forward to working collaboratively with the PPC team as we shape the future of this iconic company. Over the past five years, my family and I have developed a profound love for South Africa and its people. I am eager to contribute positively to both PPC and the country."

The PPC Board warmly welcomes Mr. Cardarelli and anticipates his leadership and contribution to the company's pursuit of sustainable profitability. He has signed a four-year contract, subject to acquiring the necessary work permit, and is expected to assume his position in the final quarter of 2023.

In acknowledging Mr. Cardarelli's appointment, PPC's Board expressed gratitude to outgoing CEO Roland van Wijnen for his exceptional leadership. Under his guidance, the company successfully executed a strategic repositioning, which involved restructuring its debt, realigning governance and reporting procedures, and refocusing growth objectives in Southern Africa, all while navigating the challenges brought about by the COVID-19 pandemic.

As PPC looks to the future, Mr. Cardarelli's expertise and strategic vision is poised to play a critical role in driving growth, improving profitability, and enhancing returns. With a clear focus on cash generation, operational efficiency, and leveraging PPC's well-established operations and supply chains, the company is poised to overcome the current market challenges and capitalize on opportunities for expansion.

As PPC charts its course under the leadership of Mr. Cardarelli, stakeholders will be eagerly watching how the company capitalizes on its strengths, addresses market headwinds, and seizes growth prospects in Southern Africa and beyond.

-Equity Axis News