The company announced on Thursday afternoon that Flanagan, currently serving as an independent director on its board, will take over on February 1
20 December 2018 - 19:18
byLondiwe Buthelezi
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After a trying year which saw the company's share price lose more than 97% of its value, Aveng has appointed construction industry veteran Sean Flanagan as its new CEO.
The company announced on Thursday afternoon that Flanagan, currently serving as an independent director on its board, will take over on February 1. Flanagan has over 30 years experience in the industry having worked at Murray & Roberts and Black Rhino in the past. He was also the chairman of the Bombela Civil Joint Venture, the contractor responsible for the Gautrain Rapid Rail Link.
Eric Diack, who was appointed interim CEO on September 26 2017, will remain as the company's executive chairman for six months to help smooth the handover and transition process, the company said.
Aveng had a difficult 2018. In the six months to June, the construction firm reported a headline loss of R1.7bn. Although this was a significant improvement from the R6.4bn headline loss recorded over the same period in 2017, the company's market value has almost been wiped out with its share price falling from R7.91 on 21 December last year to just 5c when the JSE closed on Thursday.
Diack said Flanagan knew a lot about various strategic initiatives the company explored during the year and was ready to advance such processes.
Commenting on his appointment, Flanagan said he was ready to take on the task of leading Aveng through its “reset and renovation programme”.
“This group has a strong South African legacy and heritage, which makes me proud to be leading the team on this journey. We are working toward strengthening our position in the markets in which we operate to become a leading international infrastructure and resources group.”
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Aveng appoints Sean Flanagan as its new CEO
The company announced on Thursday afternoon that Flanagan, currently serving as an independent director on its board, will take over on February 1
After a trying year which saw the company's share price lose more than 97% of its value, Aveng has appointed construction industry veteran Sean Flanagan as its new CEO.
The company announced on Thursday afternoon that Flanagan, currently serving as an independent director on its board, will take over on February 1. Flanagan has over 30 years experience in the industry having worked at Murray & Roberts and Black Rhino in the past. He was also the chairman of the Bombela Civil Joint Venture, the contractor responsible for the Gautrain Rapid Rail Link.
Eric Diack, who was appointed interim CEO on September 26 2017, will remain as the company's executive chairman for six months to help smooth the handover and transition process, the company said.
Aveng had a difficult 2018. In the six months to June, the construction firm reported a headline loss of R1.7bn. Although this was a significant improvement from the R6.4bn headline loss recorded over the same period in 2017, the company's market value has almost been wiped out with its share price falling from R7.91 on 21 December last year to just 5c when the JSE closed on Thursday.
Diack said Flanagan knew a lot about various strategic initiatives the company explored during the year and was ready to advance such processes.
Commenting on his appointment, Flanagan said he was ready to take on the task of leading Aveng through its “reset and renovation programme”.
“This group has a strong South African legacy and heritage, which makes me proud to be leading the team on this journey. We are working toward strengthening our position in the markets in which we operate to become a leading international infrastructure and resources group.”
buthelezil@businesslive.co.za
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