No replacement in the pipeline as Group Five interim CEO calls it a day

(iStock)
(iStock)

The interim CEO of construction and engineering company Group Five, which is in business rescue, has announced his resignation to pursue an "alternative career opportunity".

Group Five Limited and its operating subsidiary Group Five Construction entered into business rescue in March 2019 following major financial losses.

In a joint update to shareholders on Tuesday, the group's board and its business rescue practitioners announced that Dr Thabo Kgogo would leave on October 30. Kgogo had agreed to act as interim CEO in early February 2019. 

In early September, Group Five's creditors voted in favour of a business rescue plan over liquidation, holding out the possibility that  between 3 000 and 3 500 jobs could be saved. 

According to Tuesday's statement, the business rescue practitioners are in the process of implementing the plan approved in September, and do not "at this time foresee the appointment of a replacement CEO".

- Additional reporting by Lameez Omarjee  

 

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