Group Five’s share price fell almost 29 per cent on Friday to 76c, it is unclear if the market had information on the news that its CEO, Solomon Themba Mosai, had resigned with effect from January 31, 2019 before it was announced at 3pm CAR. He will be replaced by Dr Thabo C Kgogo until a replacement is found.
Dr Kgogo is the former CEO of SacOil and current head of Efora. He also held several positions at PetroSA. He has been a sitting non-executive director at Group Five and has good knowledge of the group, the company says in a Sens statement.
Mosai has been with the company for 15 years. He started at the company as the Managing Director for Intertoll Africa.
Group Five is currently undergoing significant restructuring and resizing, with its future focus on developments, investments and concessions.