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SA's largest cement company, PPC, has named Matias Cardarelli as its next CEO, saying on Monday the head of Natal Portland Cement (NPC) has extensive experience in turnarounds.
Cadarelli's appointment on a four-year contract follows the expiration of the contract of Roland van Wijnen at the end of August, though this has been extended to the end of December to allow for a proper handover.
Cadarelli has been CEO and chairman of NPC for the past five years, a company which is part of Brazil's Intercement, and prior to moving to SA in 2019 he led the operational and financial turnaround of Amreyah Cement in Egypt and scaling-up of Yguazu Cementos in Paraguay, the group said in a statement.
"Following the onset of Covid-19 and the emergence of a new entrant in the Mozambican cement market, Mr 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”.
"Mr Cardarelli has a remarkable track record in the cement industry," PPC chairman Jabu Moleketi said in the statement.
"During his tenure at NPC he successfully transformed the organisation by improving efficiencies, boosting margins and [earnings before interest, taxation, depreciation and amortization], and increasing cash generation."
"With this deep understanding of the local industry and his proven leadership skillset, Mr Cardarelli will play a pivotal role in continuing to drive PPC’s growth, improve profitability and enhance returns.
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Shares in PPC, which is valued at about R4 billion on the JSE, were unchanged on Monday morning and have fallen less than 1% on a one-year basis.
