Infrastructure and resources group Aveng said on Wednesday that CEO Sean Flanagan is set to retire at the beginning of March 2024, with Scott Cummins, the CEO of its largest subsidiary, set to take over.
Flanagan, 63, was appointed CEO in 2019 and had been tasked with delivering the strategy of disposing of non-core businesses, turning around the core businesses of McConnell Dowell and Moolmans, settling the legacy debt and de-risking the balance sheet.
"With these tasks largely complete the company now turns to its next phase of achieving sustainably profitable growth over the coming years and the board has determined that the time is right to implement the planned succession of an internally appointed CEO," it said in a statement.