GRF - Group Five - Group Five Announces The Depart
GRF
GRF
GRF - Group Five - Group Five Announces The Departure Of The Deputy CEO And
Strengthening Of The Group Exco
Group Five Limited
(Registration number: 1969/000032/06)
(Incorporated in the Republic of South Africa)
(Share Code: GRF & ISIN Code: ZAE000027405)
("Group Five")
GROUP FIVE ANNOUNCES THE DEPARTURE OF THE DEPUTY CEO AND STRENGTHENING OF THE
GROUP EXCO
The board of Group Five informs shareholders that Deputy CEO and CFO, Paul
O`Flaherty, will be leaving Group Five at the end of June 2007 after five
successful years with the group. After careful evaluation of his current roles
and responsibilities, O`Flaherty has indicated to the board that he would prefer
a different career path, where he could optimise his personal growth.
The board acknowledges O`Flaherty`s significant contribution to the group`s
development, in particular to Group Five`s solid financial and administrative
base, as well as BEE initiatives and acquisition and disposal strategies.
The group also announces the strengthening of the Group Five Exco team, making
it more representative of the business clusters and ensuring a smooth transition
following O`Flaherty`s departure. O`Flaherty`s financial team of the last five
years remains in place and a replacement CFO is currently being sought.
O`Flaherty will work with Exco and the CEO through to the end of June to ensure
an orderly transition of the financial function and to oversee the group`s year-
end audit.
Current Exco member and MD of Infrastructure Development Services, Eric Vemer,
will take over responsibility for strategic acquisitions and disposals and will
assume the expanded role of business development for the group. Before joining
Group Five in 2005, Vemer was on the Exco of HSBC Bank plc and head of
Specialised Finance and Advisory for sub-Saharan Africa. Andrew McJannet, MD of
Civil Engineering, will join the Exco team, reflecting the increasing importance
of Civil Engineering in the construction landscape.
Outside of McJannet as a new appointment, the current Exco team has been
responsible for the continual improvements in performance at Group Five over the
last five years.
23 April 2007
Sponsor
Nedbank Capital
Date: 23/04/2007 09:40:37 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
