The next few months are crucial for Group 5 as it tries to recover from the resignation of its CEO Solomon Themba Mosai. The company’s share price fell almost 29 per cent on Friday to 76c. At the time, it was not clear if the market had information on the news that Mosai had left the company. For the time being Dr Thabo C Kgogo will hold the fort 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 statement.
Mosai has been with the company for 15 years. He started at the company as the Managing Director for Intertoll Africa.
Mosai had been with Group Five for 15 years, initially as managing director of subsidiary Intertoll Africa. He was appointed group CEO in May 2017, a few months after the sudden resignation of his predecessor Eric Vemer.
Mosai’s resignation follows the departure of CFO Cristina Teixeira in December after 16 years with the group. Her resignation was first announced in October last year.
The Group Five board announced early in December that chartered accountant Anthony Clacher would take over from Teixeira.
The CEO’s resignation is the latest event in a continuing nightmare for Group Five.
This included a boardroom battle in 2017 that seemingly resulted in Vemer’s resignation with the board on one side and 25% shareholder Allan Gray on the other.