Mr Dayman, who has been with Fyfe for 35 years, will take up the role of Executive Chairman, with current Chairman, Mr Gary Spence taking up the role of Managing Director. The changes will become effective at Fyfe’s annual general meeting on October 28.
Mr Spence, who is based in Brisbane, has extensive business background, having been Managing Director of Brown Consulting from 2001 until it was sold to Calibre Consulting in 2011.
At the time Brown Consulting was Australia’s largest urban development consultancy with around 650 staff and nine offices in Australia as well as offices in New Zealand and Singapore.
He is also a Director of Peak Urban, a Queensland-based engineering company with offices in Brisbane and the Sunshine Coast.
Mr Dayman said the succession plan had been three years in the making.
“During my 35 years at Fyfe, I have worked across every sector of the company and this move will free me up to work on key projects and business opportunities for the company,” he said.
“I will be able to use my knowledge of the business, its people and my networks to further help Fyfe’s growth.”
Mr Dayman said Fyfe was in good shape financially, having increased both revenue and after-tax profit for the 2018-19 financial by 20% on the previous year.
“We are experiencing increased project opportunities across the nation and we expect the company to go from strength to strength,” he said.
Mr Spence, who was appointed Chairman of Fyfe in July 2018, said he was “very much looking forward” to taking on the new role.
“I’m in the enviable position of transitioning in when things are in great shape,” he said.
“The business is really motoring along and that’s a credit to Mark.”
Mr Spence said Fyfe was well established in the Adelaide and Brisbane markets and in regional areas of Australia.
“We need to grow the business into other major population centres, particularly Sydney and Melbourne to make it a truly national company,” he said.
“Mark is very strong in the oil and gas sector and my strength is in property and private development. I think we make a formidable team.”
Mr Dayman said Fyfe would remain based in Adelaide, with Mr Spence sharing his time between Brisbane and Adelaide.