Group Five chief financial officer resigns
PRETORIA – Group Five chief financial officer Christina Teixeira is set to leave the company next month.
Speaking at Group Five’s annual financial results presentation yesterday, group chief executive Themba Mosai said Teixeira had resigned to pursue a different career. He said Teixeira had played an invaluable role during her 16 years with the company, including eight years on the board.
Mosai said Teixeira had been instrumental in managing the group through extremely volatile conditions, adding that quite a number of construction companies had either gone into liquidation or business rescue in the past six months or so.
“We have a lot to thank Christina for the fact that we still stay where we are and we are not contemplating the fate that (has befallen) other construction companies.
“This year she has spearheaded the procurement of the bridge finance facility in the first half of the year under very trying conditions,” he said. This was a reference to the R650million bridge funding deal for 12 months from a consortium of local banks that Group Five announced in May this year.
Mosai said this facility paved the way for Group Five to continue the implementation of significant changes and the restructuring initiatives in the construction cluster and the business at large.
He said Group Five’s board had started the search for a replacement chief financial office and hoped to announce the candidate soon.
Mosai added that Teixeira would still be with the group until the end of December to ensure a smooth transition, but during her notice period she would focus on a number of corporate initiatives in the construction cluster, the sale of the manufacturing business and the group’s partial disposal of its investment in Intertoll Capital Partners.
Teixeira had also offered her continued availability to the board and group on an ad hoc advisory basis, which demonstrated her continued commitment and dedication to the group, he said.