Group Five splits lossmaking E&C cluster as it restructures
Group Five has split its lossmaking Engineering & Construction (E&C) cluster as part of its restructure to deliver more focused businesses with appropriate resources and cost bases relevant to the regions and service offerings provided.
The E&C cluster’s revised structure comprises the Construction: South Africa; Construction: Rest of Africa; and engineer, procure and construct (EPC) sector businesses.
The turnaround, with support from independent consultant Deloitte Consulting, is being led by acting CEO Themba Mosai, while the process to appoint a permanent CEO continues.
Former CEO Eric Vemer resigned in February.
Construction executive director Mark Humphreys is tasked with leading the South African and Rest of Africa Construction businesses, while Peter de Vries will be responsible for the EPC sector-driven businesses, which will focus on infrastructure, energy, plant and process and smart cities/town development.
Meanwhile, the voluntary and forced retrenchments aimed at right-sizing the company in line with current market conditions, are expected to be completed by June.
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