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CEO of Austro subsidiary dismissed

Dec 13 2012 15:09 I-Net Bridge

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Austro Group earnings decline

Pay now and pray later?

 

Johannesburg – Austro Group [JSE:ASO] announced on Thursday that Charles Jacobs‚ a director of the group and CEO of a subsidiary of the group‚ Austro Proprietary Limited (Wood)‚ has been dismissed‚ effective immediately‚ following the outcome of a disciplinary inquiry. 

No details were divulged. 

The group said that until further notice‚ Jonathan Orde Freed‚ the managing director of New Way Power Proprietary Limited‚ a subsidiary of Austro and sister company of Wood would continue to manage Wood as he had during the period that Jacobs had been suspended from his duties. 

“The board of directors are confident that Jonathan will ensure the enhanced continuation of the business‚” Austro added.

 

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