Johannesburg - South African construction firm Aveng Ltd said on Wednesday its chief executive would resign at the end of this month, after steering the company through an industry-wide probe where regulators found massive price-fixing.
Aveng, South Africa's largest building firm by revenue, said in a statement Roger Jardine had decided to step down and that Financial Director Kobus Verster will take over as acting chief executive until a permanent replacement is found.
In June, South Africa's competition watchdog handed down fines totalling R1.46 billion rand to 15 construction companies, including Aveng, for bid-rigging on projects dating back to 2006.
Aveng agreed to a fine of R307 million, to be paid in three installments over two years.
Jardine, who joined the company in July 2008 as chief executive officer, had previously served in government posts.
“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,” Jardine said in the statement.
“I had a duty as CEO to see the group through this process,” he said, adding the performance of the company's South African construction unit had been a “major disappointment”.
Shares of Aveng have lost 48 percent of their value since Jardine took over, undeperforming a 33 percent decline in Johannesburg's index of construction and materials companies over the same period.
Jardine's overall compensation for 2009 to 2012 totalled R21.7 million according to Reuters calculations, including salary, bonus and other compensation.
Shares of Aveng were up 0.66 percent at R27.27, compared with a 0.29 percent decline on the All-Share index. -Reuters