Five quit Group Five board amid quarrel
Their pending departure leaves recently appointed CEO Themba Mosai and chief financial officer Cristina Teixeira as surviving directors
Five of Group Five’s seven board members announced their resignations on Friday, saying major shareholder Allan Gray’s demand for the reconstitution of the board had made their continued tenure “impossible”. Their pending departure leaves recently appointed CEO Themba Mosai and chief financial officer Cristina Teixeira as surviving directors. This comes amid continuing ructions over the group’s strategy between the fund manager — whose clients hold 25% of the company — and the former board members. Chairwoman Philisiwe Mthethwa, lead independent nonexecutive director Kalaa Mpinga and nonexecutive directors Justin Chinyanta, Willem Louw and Vincent Rague will leave Group Five’s board at an extraordinary general meeting to vote in new directors on July 24, the JSE-listed construction and engineering group said in a statement on Friday. In a parting shot, Mthethwa said all shareholders including minorities, should have their say in the selection of a new board. The departing directors ...
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