Wrap Text
Extension of the Chief Executive Officer’s Employment Contract and Acceptance of Award
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC / ZSE code: PPC
(“PPC” or “the company” or “the group”)
EXTENSION OF THE CHIEF EXECUTIVE OFFICER’S EMPLOYMENT CONTRACT AND ACCEPTANCE OF AWARD
Further to the announcements published on 4 September 2023 and 27 November 2023, the board of
directors of PPC (“the board”) is pleased to advise that Mr Matias Cardarelli, the Chief Executive Officer
of PPC, has agreed to extend his contract of employment to 31 March 2030. The extension secures
Mr Cardarelli’s leadership of the company through to the completion of the ‘Awaken the Giant’
turnaround strategy and aligns his tenure with the delivery of the group’s strategic plan to FY2030.
Since Mr Cardarelli’s appointment, PPC has been fundamentally repositioned. The Group has delivered
consecutive step-changes in earnings, margins, cash generation and returns on invested capital.
Moreover, the company’s market capitalisation has more than doubled. This has been achieved without
any improvement in the South African operating environment and is the outcome of strategic clarity,
operational performance improvement and cost and capital discipline.
The turnaround strategy is, however, only half complete. The value delivered to date has come largely
from a significant change in the way the business is run, a reset of culture, cost and commercial
discipline. The larger part of the opportunity lies ahead: the completion and commissioning of the new
state-of-the-art integrated cement plant in the Western Cape (RK3), with the next step-change in
performance related to this anticipated in FY2028; the continued operational improvement of the South
African plants and the optimisation and growth initiatives available in Zimbabwe. Realising this value
depends on sustained and consistent execution. The board therefore regards continuity of leadership
as a material driver of shareholder value and has structured the contract extension, together with the
award (as set out below), to align Mr Cardarelli’s tenure and personal shareholding with the delivery of
the group’s strategic plan, in full.
Jabu Moleketi, Chairman of the board, said: “Matias has done what he undertook to do. He set out an
honest diagnosis of this business, defined a clear plan and executed it with discipline. PPC today is a
structurally stronger, more competitive and a more valuable company than the one he inherited. But we
are halfway, not finished. The initiatives underway that will define PPC for the next decades and position
it for the future– including the new Western Cape plant and the full realisation of the ‘Awaken the Giant’
strategy – still have to be executed. The board is firmly of the view that continuity of leadership through
this phase is in the best interests of the company and shareholders, and that the right person to
complete this turnaround is the person who started it.”
Mr Cardarelli said: “The past 32 months have demonstrated what PPC can deliver with an experienced
team, a well-defined strategy, and a healthy and transparent organisational culture. What excites me
most, however, is what is still ahead of us rather than what has already been achieved. The next phase
of our operational and commercial turnaround, the start-up of the new integrated cement plant in the
Western Cape, the ramp up of our investments in renewal energies and the prospects of a new
integrated cement plant in Zimbabwe, among other initiatives across our markets, represent
opportunities for a further step-change in PPC performance. I am committed to seeing the ‘Awaken the
Giant’ strategy through to completion, alongside a team I believe in. I appreciate the continued
confidence of the board and our shareholders.”
Shareholders are further advised that, the Company (on the recommendation of the Company’s Reward
and Talent Committee) granted, and Mr Cardarelli accepted, an award of 10 000 000 ordinary shares
in the Company (“retention shares”). Subject to, inter alia, continued employment and disposal
restrictions, the retention shares will vest on 31 March 2030 (“vesting date”).
In compliance with the JSE Listings Requirements, the following additional information is provided in
respect of the off-market acceptance, on 26 August 2026, by Mr Cardarelli of the award of retention
shares:
Nature of interest: Prior to the vesting date, the retention shares will
be held in an indirect beneficial capacity. On
vesting (and subject to Mr Cardarelli retaining the
retention shares), the retention shares will be
held in the direct beneficial capacity.
Deemed value: R66 300 000, based on the prevailing market
price of a PPC ordinary share of R6.63 as at
25 August 2026
Clearance was obtained in terms of paragraph 6.83 of the JSE Listings Requirements.
Rosebank
27 August 2026
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 27/08/2026 05:05:00
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