Basil Read announced on Wednesday that CEO Neville Nicolau had resigned for personal reasons after just more than three years at the helm of the construction company, which expects to report a loss in the six months to March.
Khathutshelo Mapasa, executive officer for mining and group executive committee member, will act as CEO at the struggling company while the board seeks a permanent CEO.
The company said the loss in the review period followed continued weak market conditions, operational underperformance in its roads division and continued difficulties in claims resolution on a legacy project.
Basil Read said it had enlisted the assistance of a corporate finance advisory service in its attempt to restructure the company, which was the market darling in 2007. Back then, the share price peaked at R39 on the JSE. By Wednesday afternoon, it had crumbled to R1.58, valuing the company at R208m.