JOHANNESBURG May 23 Group Five named Themba
Mosai as its chief executive on Tuesday, charged with unlocking
shareholder value at the South African construction firm after
it cut jobs and split up its loss-making engineering and
construction division as part of a restructuring.
Mosai has been with the company for over 13 years and
replaces Eric Vemer, who resigned in February after more than
two years at the helm of Group Five which operates in
12 countries in Africa and Europe.
South Africa's construction industry has slowed sharply
since the country hosted the 2010 soccer World Cup as
infrastructure spending by President Jacob Zuma's government has
stalled and weak commodity prices have hit demand from the
"The (management) team will be responsible for guiding the
Group through the current challenging operating environment and
delivering on its stated strategy," Group Five said in a
Mosai will lead the company as it overhauls a portfolio of
businesses which includes manufacturing and investments and
"Our immediate priorities are to deliver stakeholder value
by right sizing our construction business, effectively managing
risk and executing on the voluntary rebuild programme," Mosai
The company, which makes 81.2 percent of its group revenue
from the engineering and construction division, split that
business earlier this month into three parts.
It also cut jobs and said additional guidance would be
provided once the process had been completed.
The 41-year-old Mosai, who has an electrical engineering
qualification and an MBA degree, joins the management team as
the firm seeks to source and participate in further global
"We believe this appointment is positive for Group Five
given Mr Mosai's added experience in Africa having led Intertoll
Africa for 7 years as managing director," said Afrifocus
Securities Construction and Building Materials equity analyst
"Therefore, such leadership and experience bodes well for
Group Five given the ongoing transformation process in the South
African construction sector."
(Reporting by Nqobile Dludla, editing by Ed Osmond)