Construction group Sanyati said on Tuesday that CEO Malcolm Lobban had resigned with effect from June 30.
Mike O’Reilly, the MD of the Sanyati coastal division, would assume the role of CEO for the duration of the company’s rescue proceedings to assist the business rescue practitioner Trevor Murgatroyd with the operational management and other requirements.
Sanyati said in June that its business rescue plan would be published on July 11.
Murgatroyd proposed a combination of rationalising expenses, ringfencing viable projects, disposing of parts of the business, disposing of certain contracts, entering into joint ventures in respect of certain contracts, cancellation of unviable contracts and raising of capital.
Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
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