Esor announces board shake-up
Civil construction and engineering group Esor has announced that it intended to capitalise on its “current period of consolidation” by implementing a long-planned restructure of its executive board.
“The initiative is now opportune, given that the group has emerged from a challenging three-year period well-positioned to achieve future growth objectives,” the company said in a statement following its annual general meeting on Friday.
The restructure, which would be phased in over the next six to eight months, would see the retirement of chairperson Dave Thompson and independent nonexecutive director Franklin Sonn.
Group CEO Bernie Krone would step into the nonexecutive role of group chairperson, while group CFO Wessel van Zyl would be appointed CEO in his stead and a new group CFO would be appointed.
This move was in line with Krone’s initial commitment on appointment to lead the company through ten results cycles.
Esor also announced that Sonn would be succeeded by his daughter, investment firm Gamiro Holdings MD Heather Sonn, as independent nonexecutive director.
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