To view the PDF file, sign up for a MySharenet subscription.

AVENG LIMITED - Resignation of Aveng Group CEO Roger Jardine

Release Date: 21/08/2013 10:00
Code(s): AEG     PDF:  
Wrap Text
Resignation of Aveng Group CEO Roger Jardine

AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng Group”, “Aveng” or "Group")




RESIGNATION OF AVENG GROUP CEO ROGER JARDINE


The Aveng Board today announced that after five years at the helm, Roger Jardine has tendered his
resignation as CEO of Aveng Limited with effect from 31 August 2013. Mr Jardine recently informed the
Aveng Board that with the Competition Commission’s investigation into the construction industry now
finalised, he had decided that this was an appropriate point for him to step down.
Commenting on the announcement, Mr Jardine said: “It has been a privilege working for an organisation
that is at the core of infrastructure development. However, the Competition Commission’s investigation
process has been personally very taxing, particularly as I have had to deal with matters that occurred before
my appointment and of which I had no personal knowledge. While the first of the Competition Commission
issues came to our attention shortly after I joined Aveng five years ago, I had a duty as CEO to see the
group through this process. The settlement agreement confirmed by the Competition Tribunal last month
provides a fresh platform for the group to move forward and to build on the culture of ethical corporate
behaviour that we have worked so hard to implement. I feel it is now an appropriate time to move on.”
While the performance of Aveng’s South African Construction business has been a major disappointment,
Mr Jardine added the rest of the group’s business is holding its own under very difficult market conditions.
Commenting on the announcement Aveng Chairman Angus Band thanked Mr Jardine for his commitment in
steering the group through one of the most difficult periods the industry has faced and wished him well in his
future endeavours. “Roger has played a primary role in managing the very complex regulatory process with
the Competition Commission, as well as dealing with the consequent issues that arose as a result of the
investigation. He has also had to manage the group in the midst of material economic uncertainty, which
placed the sector as a whole under major pressure. Many of the changes introduced by Roger are now
embedded in the group and will continue to have a positive impact on Aveng well into the future.”
The Nominations Committee of the Board will commence the process to appoint a permanent CEO. Kobus
Verster will assume the role of Acting CEO with effect from 1 September 2013. Mr Verster joined Aveng as
Financial Director in September 2010 and has served on all of the group’s subsidiary boards over the past
three years, affording him insight into the operations, opportunities and constraints of the various group
businesses.
Morningside, Sandton
21 August 2013

Sponsor:
JP Morgan Equities South Africa Proprietary Limited

Date: 21/08/2013 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story