Shares in South Africa’s biggest cement maker – PPC – sunk to their lowest level in 12 years in early deals on Tuesday after the firm said its chairman, Bheki Sibiya, had stepped down after more than six years at the helm.

PPC shares fell by as much as 7.76 percent before recovering in the afternoon session to close 4.24 percent higher on the day at R12.77, which valued the company at R7.7 billion, iol reports.

Sibaya’s resignation came as a further blow to the cement giant who reported a 3 percent fall in quarterly sales on Monday, citing weak demand and tough competition.

Speaking on his resignation Sibaya said he enjoyed working with PPC over the past seven years, despite some unique challenges.

Sibiya has had to weather a number of storms during his tenure as chairman, including the nasty and very public spat between him and former PPC CEO Ketso Gordhan in 2014.

“I wish to thank my fellow board members, past and present, for their support in steering the company to a position where it is equally capable of tolerating and even capitalising on challenges domestically and leveraging growth opportunities on the continent.”

PPC said it expected to announce a successor to Sibiya in the near future.

It said it had achieved a number of “key milestones” under Sibiya’s stewardship, most notably the successful conversion of the company’s mining rights and the commencement of its African expansion strategy Business Day reports.

The company said Sibiya had ensured board continuity and the preservation of corporate expertise during a “challenging phase” in its history.

–Business Day, Reuters