Building a culture of accountability key priority for Group Five CEO

Group Five CEO Themba Mosai has moved to assure shareholders that the new leadership at the embattled construction company is prioritising “accountability and consequence management” in light of a dismal 2017 performance, which saw the JSE-listed company report financial results that were far worse than expected. During the period, Group Five was afflicted by boardroom battles, which resulted in the departure of several executives and nonexecutives, including former CEO Eric Vemer, who resigned suddenly in late February, as well as chairperson Philisiwe Mthethwa. In fact, an entirely new board was appointed on July 24 after fund manager Allan Gray, which holds 25% of the company on behalf of clients, indicated that it had lost faith in the board and called an extraordinary general meeting.