Jardine recently informed the Aveng board that with the Competition Commission's investigation into the construction industry now finalised‚ he had decided that this was the appropriate time to step down‚ the company said in a statement.
Commenting on the announcement‚ Jardine said: "It has been a privilege working for an organisation that is at the core of infrastructure development. However‚ the Competition Commission's investigation process has been personally very taxing‚ particularly as I have had to deal with matters that occurred before my appointment and of which I had no personal knowledge."
"While the first of the Competition Commission issues came to our attention shortly after I joined Aveng five years ago‚ I had a duty as the chief executive to see the group through this process. The settlement agreement confirmed by the Competition Tribunal last month provides a fresh platform for the group to move forward and to build on the culture of ethical corporate behaviour that we have worked so hard to implement. I feel it is now an appropriate time to move on‚" he said.
While the performance of Aveng's South African construction business had been a major disappointment‚ Jardine said that the rest of the group's business was holding its own under very difficult market conditions.
Commenting on the announcement‚ Aveng chairman Angus Band thanked Jardine for his commitment in steering the group through one of the most difficult periods the industry had faced and wished him well for the future.
"Roger has played a primary role in managing the very complex regulatory process with the Competition Commission‚ as well as dealing with the consequent issues that arose as a result of the investigation. He has also had to manage the group in the midst of material economic uncertainty‚ which placed the sector as a whole under major pressure. Many of the changes introduced by Roger are now embedded in the group and will continue to have a positive impact on Aveng," Band said.
Financial director Kobus Verster will assume the role of acting chief executive while the nominations committee of the board will seek a new, permanent CEO.
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