The board of Aveng announced planned changes to the executive management of Aveng. Succession planning for key leadership roles within the Company has been considered by the Remuneration and Nomination committee and the Board over the course of the last 18 months as the Company has transitioned through its restructuring to a smaller, focused and more sustainably profitable, engineering led, infrastructure, construction and mining contractor. Sean Flanagan, the Group Chief Executive, has successfully led Aveng through a difficult period to deliver the strategy of disposing of non core businesses, turning around the core businesses, settling the legacy debt and de-risking the balance sheet.

The Company will now turn to its next phase of achieving sustainable, profitable growth over the coming years. With the next phase of growth in mind, Sean has elected to retire as CEO with effect from 1 March 2024, paving the way for a new CEO to own and deliver long term strategy. Scott Cummins, the current Chief Executive of Aveng's subsidiary, McConnell Dowell will assume the role of Group Chief Executive on 1 March 2024.

Scott is a civil engineer, with a B.Eng., 1st class honours degree from Monash University in Melbourne, Australia and holds an MBA from Strathclyde University in Glasgow, Scotland. His career spans some 38 years as a contractor in engineering and construction, oil and gas and infrastructure industries and he has held global and regional executive roles in Australia, Asia, the Middle East and Europe. Scott joined Aveng in 2015 and has been instrumental in leading McConnell Dowell through a major strategic and operational change during this time.

This has included turning the business around, closing out legacy matters and significantly growing the business from its contracted size. He is well regarded in the industry and has served as the Vice President of the Australian Constructors Association. Scott will be working closely with Sean in the period leading up to 1 March 2024 and particularly as the Company completes and reports on its interim results.

Sean will thereafter remain on the Board as a non-independent non-executive director and serve as a member on the Risk, Tender Risk and Safety, Health and Environment committees.