Wrap Text
Changes to executive management and appointment of director
AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Company")
CHANGES TO EXECUTIVE MANAGEMENT AND APPOINTMENT OF DIRECTOR
The board of Aveng ("Board") is pleased to announce planned changes to the executive management of Aveng.
Succession planning for key leadership roles within the Company has been considered by the Remuneration and
Nomination committee and the Board over the course of the last 18 months as the Company has transitioned
through its restructuring to a smaller, focused and more sustainably profitable, engineering led, infrastructure,
construction and mining contractor.
Sean Flanagan, the Group Chief Executive, has successfully led Aveng through a difficult period to deliver the
strategy of disposing of non core businesses, turning around the core businesses, settling the legacy debt and
de-risking the balance sheet. The Company will now turn to its next phase of achieving sustainable, profitable
growth over the coming years. With the next phase of growth in mind, Sean has elected to retire as CEO with
effect from 1 March 2024, paving the way for a new CEO to own and deliver our long term strategy.
Scott Cummins, the current Chief Executive of Aveng's largest subsidiary, McConnell Dowell, will join the Board
as an executive director on 22 November 2023 and will assume the role of Group Chief Executive on 1 March
2024. Scott is a civil engineer, with a B.Eng., 1st class honours degree from Monash University in Melbourne,
Australia and holds an MBA from Strathclyde University in Glasgow, Scotland. His career spans some 38 years
as a contractor in engineering and construction, oil and gas and infrastructure industries and he has held global
and regional executive roles in Australia, Asia, the Middle East and Europe. Scott joined Aveng in 2015 and has
been instrumental in leading McConnell Dowell through a major strategic and operational change during this time.
This has included turning the business around, closing out legacy matters and significantly growing the business
from its contracted size. He is well regarded in the industry and has served as the Vice President of the Australian
Constructors Association.
Scott will be working closely with Sean in the period leading up to 1 March 2024 and particularly as the Company
completes and reports on its interim results. Sean will thereafter remain on the Board as a non-independent non-
executive director and serve as a member on the Risk, Tender Risk and Safety, Health and Environment
committees.
Adrian Macartney, the Group Finance Director and Chief Financial Officer, will continue in his role, providing
continuity to executive management and the Board. In line with our long term strategy to move the epicentre of
the Group to Australia and to support Scott, Adrian will relocate from Johannesburg, South Africa and be based
in our Melbourne, Australia office from January 2024.
The Board wishes to thank Sean for his contribution to Aveng, particularly over the last five years. Sean agreed
to move to an executive role from 1 February 2019 for an initial two year period. He has led Aveng with energy
and passion to deliver the strategy during particularly challenging financial times and through the global COVID-
19 pandemic. The Board is grateful for his immense contribution during this time and is pleased that he will remain
on the Board.
The Board congratulates Scott on his appointment and wishes him well in his new role.
The Company expects to release its interim reviewed results for the period ending 31 December 2023 on or about
20 February 2024.
22 November 2023
Melrose Arch
JSE Sponsor
Valeo Capital (Pty) Ltd
Edinah Mandizha
Group Company Secretary
Tel: 011 779 2800
Email: info@avenggroup.com
Date: 22-11-2023 07:59:00
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