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Oliver Kazunga Senior Business Reporter
PRETORIA Portland Cement Zimbabwe (PPC) chairman Todd Moyo and his board members could face the boot from the PPC South Africa board at the company’s forthcoming general meeting set for next month.
The board faces the axe at the December 8 meeting in South Africa amid accusations of incompetence.
Moyo owns a 4,9 percent stake in PPC Zimbabwe together with prominent lawyer Stanford Moyo and the two are among 11 members of the board facing imminent dissolution.
The board members – Bheki Lindinkosi Sibiya, Tim Dacre Aird Ross, Tryphosa Ramano, Darryl Castle, Zibusiso Janice Kganyago, Nomalizo Beryl Langa-Royds, Mangalani Peter Malungani, Sydney Knox Mhlarhi, Bridgette Modise, Joe Shibambo and Moyo, are accused of failing to have “the correct expertise to run the company.”
In a notice yesterday, the giant cement producer said the present board needs to be replaced with a functional board that has the “right” expertise to run the firm.
“The current board needs to be replaced with a functional board with the correct expertise to run the company and that needs to be done as soon as possible in order to restore continuity to the operations and strategy of the company and is in the best interests of all stakeholders including shareholders and employees,” read the notice.
“The current board doesn’t have the ‘correct expertise to run the company”.
It has not been revealed why the present board is alleged to be “dysfunctional”.
Moyo was appointed into the PPC board of directors as an independent non-executive director in 2013.
He is a chief executive officer and also board chair of Datlabs, has served as non-executive director of Zimplow and sits on several boards such as Falcon College, Mater Dei Hospital, National Foods Holdings and Masiyephambili College.
He is also a member of both the Institute of Chartered Accountants in Zimbabwe and the South African Institute of Chartered Accountants.
“His experience in other disciplines includes sales, marketing and information technology and he has attended a number of executive development programmes,” said PPC.
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