South Africa’s construction firm Group Five on Monday appointed eight new nonexecutive directors at an extraordinary general meeting as part of a board overhaul following pressure from its largest shareholder Allan Gray.
Fund manager Allan Gray owns 25% of Group Five. In May, Allan Gray requested an extraordinary general meeting to reconstitute the board following a disagreement with Group Five on the future direction of the company.
The newly appointed non-executive directors are Cora Fernandez, Thabo Kgogo, Edward Williams, Reitumetse Huntley, Nazeem Martin, Nonyameko Madindi, John Job and Michael (Mike) Upton.
“I expect that the newly appointed board of Group Five will act in line with corporate governance and in the best interest of the company and all its stakeholders and not only focus on short-term shareholder returns,” outgoing chairperson Philisiwe Mthethwa said.
“I believe that the management team in place will steer the business back to profitability.”
