Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 11, 2014 at 02:25PM

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VENTURES AFRICA – JSE-listed construction firm, Aveng, on Tuesday said it had appointed Kobus Verster (47) as new CEO of one of the biggest building firms in the country with immediate effect.

Appointing CEOs that are younger than 50 years of age seems to be a trend that is taking root in South Africa, with paper and pulp giant Sappi yesterday saying it had also appointed a 46 year-old Steve Binnie to be its CEO.

Verster fills the position left vacant by former Aveng CEO Roger Jardine who resigned in August last year following a “taxing probe” by the Competition Commission.

Jardine had been at the helm of the company for five years before he resigned at the conclusion of the Competition Commission’s investigation into the construction industry’s anti-competitive practices.

In July last year, South Africa’s construction firms were slapped with a combined R1.46 billion ($127.2m) fine for “bid-rigging and collusion.”

Verster joined Aveng in September 2010 as Financial Director (FD). He was later appointed Acting CEO soon after Jardine resigned in August last year.

Verster is a BCom graduate from the University of Potchefstroom and holds a BCom Honours (Economics) degree from the University of Pretoria. Before joining Aveng, Verster was chief financial officer (CFO) at steel maker, ArcelorMittal (South Africa).

The board of Aveng on Tuesday said it had considered many candidates from South Africa and abroad but felt Verster was the right candidate for the job.

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