Former Maca MD heads Viento

Investors haven't responded well to news that former Maca chief executive Doug Grewar has taken the helm of local mining services firm Viento Group with immediate effect.

Mr Grewar’s appointment is for an initial three-month period, followed by an ongoing basis with no fixed term.

He brings over 17 years of experience in the mining sector and more than 10 years’ experience in the heavy construction material industry, having previously held senior roles in companies such as Abigroup Mining Services and Downer EDI.

Mr Grewar took on the top job at Maca in 2012 after managing director Chris Tuckwell left to join rival contractor Ausdrill.

However, Mr Grewar left Maca in May last year, after spending just 19 months at the helm, leaving the role to be re-filled by Mr Tuckwell.

Viento chairman Ray Munro said Mr Grewar’s appointment was the beginning of a planned management restructure of the company.

“We are confident that this appointment will help strengthen the board and management team and provide new leadership, perspective and energy to the company to drive change and deliver ongoing growth” Mr Munro said.

He will be on a fixed remuneration of $2,000 per day for the initial period, and $450,000 per annum after the initial period.

Viento shares fell 22.2 per cent to 4.2 cents per share at 11:30am.