Murray & Roberts Holdings announced today that Clifford Raphiri has stepped down from his role on the board of directors, effective Friday, 10 January 2025.
Raphiri’s departure marks a pivotal moment for the Group, which is gearing up for fresh strategic directions as the board seeks to fill his position. As the construction and engineering industry continues to face dynamic challenges, the board’s leadership changes signal a commitment to maintaining momentum and innovative thinking.
The engineering and contracting group recently suspended trading in its shares temporarily on the JSE as its subsidiary went into business rescue.
Headwinds for the group include liquidity constraints, especially in South Africa; the loss of contracts, with the descoping of the Venetia diamond mine a big problem as it accounts for more than 50% of the group local operations; working with reduced working capital despite debt reductions, while the mining business in the Americas had a slow start to the 2025 financial year.
The board expressed gratitude for Raphiri’s contributions during his tenure, acknowledging his role in shaping the company’s vision and strategies during a complex period in the construction and engineering sector.
In a swift response to the change, the board has appointed Alex Maditsi as the interim chairman with immediate effect as the company embarks on the search for a permanent appointment.
Having joined the Murray & Roberts board as an independent non-executive director in August 2017, the board said Maditsi was well-placed to steer the Group through this transition.
During his tenure at Murray & Roberts, Maditsi has been an active member of various committees, including remuneration and human resources, health, safety and environment, and social and ethics. His multifaceted involvement within the Group positions him to effectively oversee its governance and strategic initiatives during this transitional phase.
His extensive experience includes his previous roles as operations, planning and legal director at Coca-Cola Southern and East Africa, which has provided him with a foundation in operational efficiency and strategic planning.
Maditsi also holds a BProc, LLB, and LLM, equipping him with profound knowledge in law and commercial matters, as well as remuneration—a blend of skills that will prove invaluable in his interim leadership.
BUSINESS REPORT