End of an era for 135-year-old South African company
JSE-listed Aveng has announced the retirement of its Group CEO, Scott Cummins, who will retire at the end of this month.
Aveng was founded in 1889 in Johannesburg, and has grown into an international engineering-led contractor focused on infrastructure, building and mining in selected markets.
The company operates through three prominent brands: McConnell Dowell, Built Environs, and Moolmans.
The JSE-listed company has now announced the retirement of Scott Cummins as Group CEO and director, with effect from 30 January 2026.
The board thanked Cummins for his contribution to Aveng, both in his role as the CEO of its largest subsidiary, McConnell Dowell and more recently, as Group CEO.
The board appointed David Simpson as the Interim CEO, with effect from Cummins’ retirement.
“David is a highly experienced executive with legal, commercial and management expertise in leading companies through growth, restructuring and transitions,” the group said.
“David has led businesses in engineering, construction, maintenance and consulting services operating in the infrastructure, road, rail, resources and industrial services sectors.”
His new key focus areas will include improving operational performance and profitability, positioning the business for future growth and resolving contractual disputes.
Cummins will be available to Simmons as he transitions into the interim role, especially regarding the resolution of current commercial matters related to significant claims.
The board has appointed external advisors to assist in the appointment of a permanent CEO. While the process is underway, it may take longer than usual due to its nature.
The group plans to release its reviewed results for the six months ended 31 December 2025 on or about 24 February 2026, with hopes of a better performance.
The company saw its share plummet in August after it reported a headline loss of R975 million for the year ended 30 June 2025.
The loss was primarily driven by the weak performance of the company’s Infrastructure Southeast Asia business unit and by losses from a dam construction in Australia.
Since 15 January 2025, the group’s share price has fallen by roughly 45%, taking its market cap to R865 million.
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