The Aveng Board announced that Eric Diack has been appointed as Executive Chairman with immediate effect. Mahomed Seedat has stepped down from the role of independent non-executive chairman as he believes that Eric is better positioned for the role. This will be with immediate effect. Eric's extensive commercial experience will support the management team as it enhances its strategy to enable the company to realise its significant underlying value.
Kobus Vorster will continue in the role of Group Chief Executive Officer and continues to enjoy the full support of the Board. Kobus and Eric will work together to deliver on the potential of the company sooner rather than later.
Eric Diack, is a Chartered Accountant, and has been CEO and CFO of a number of major industrial and mining companies, as well as a director on numerous listed and unlisted boards. He has been integral to a multitude of transactions during his corporate and entrepreneurial career.
As a result of assuming the role of Executive Chairman, Eric Diack will relinquish his role as chairman of the Audit Committee. Philip Hourquebie, currently an independent non-executive director and member of the Audit Committee, has been appointed to chair the Audit Committee. Peter Erasmus, currently an independent non-executive director, has been appointed as a member of the Audit Committee to replace Eric Diack.
The board announced that Ms Kholeka Mzondeki, currently an independent non- executive director, has been appointed as lead independent director with immediate effect.
Following these changes, the composition of the Board remains compliant with the King IV requirement that a board of directors should comprise a balance of power, with a majority of non- executive directors, the majority of whom should be independent.