Group Five, the construction firm involved in concessions primarily in South Africa but also internationally, has appointed Eric Vemer as the company's new chief executive officer.

The appointment of Eric Vemer is effective from 1 December 2014. Vemer will take over from Mike Upton. Mr Upton has reached the firm's retirement age.

Group Five reported in a statement:

His appointment follows an extensive selection process from a group of carefully selected and competitive internal and external candidates. The board is pleased to announce that an internal candidate has been appointed and is confident that Eric will successfully lead Group Five into the future of the solid base created over the last few years.

Eric Vemer, who joined Group Five Limited in 2005, holds a BSc. Civil Engineering Degree and an MBA from the University of Cape Town. He has also completed an executive development programme at Harvard University in USA. He has broad and geographically diverse experience in the engineering, contracting, consulting, manufacturing, project finance and infrastructure concessions sectors.

Group Five Investments and Concessions segment develops, invests, and operates infrastructure concessions, including toll motorways, public buildings, and power concessions; and develops, owns, rents, and services commercial, industrial, retail, and residential properties.