Directorate Change

RNS Number : 0780T

Guinness Peat Group PLC

21 September 2010

 



GUINNESS PEAT GROUP PLC

ANNOUNCEMENT

§ GPG plc appoints four new independent non-executive directors to its Board § Board comprises a majority of independent directors § Independent sub-committee of the Board, consisting entirely of independent, non-executive directors, established to evaluate all available strategic options to enhance shareholder value

Guinness Peat Group plc ("GPG") today announced the appointment of four new independent, non-executive directors to the Board of GPG and the resignation of Mr Ron Langley.

Mr Mike Allen, Mr Rob Campbell, Mr Mark Johnson and Mr Gavin Walker join an expanded GPG Board that now comprises seven directors, a majority of whom are independent, non-executive directors.

Mr Mike Allen has over 25 years' experience in investment banking and general management, both in New Zealand and the UK.  Mr Allen is a Director of Breakwater Ltd, Godfrey Hirst NZ Ltd, the Retirement Villages Group, Tainui Group and NZ Windfarms Ltd.  He is also the current Chairman of PGG Wrightson Finance.  He previously held various senior roles at Southpac Corporation and Westpac in New Zealand.

Mr Rob Campbell has over 20 years experience in investment management and corporate governance. He is a director and investment committee chair of ACC and director and audit and risk committee member of Aquasure Pty Ltd.  He is also a board or advisory board member of several private equity and hedge funds globally.  He has previously directed the investments of a large family office, and held board appointments in numerous private sector and public sector organizations in New Zealand.

Mr Mark Johnson AO has extensive experience in investment banking and more recently as director of several Australian publicly listed companies.  Mr Johnson was previously Deputy Chairman of Macquarie Bank from September 2000 to March 2007.  Mr Johnson is currently serving as Chairman of AGL Energy and as a non-executive director of Westfield Group.  In addition, Mr Johnson is the Chairman of the Australian Financial Centre Forum.

Mr Gavin Walker has over 30 years experience in the financial services industry both at executive and board level.  Mr Walker is currently a director of the Guardians of New Zealand Superannuation Fund, ASB Bank and ASB Life and Lion Nathan National Foods Pty Limited.  Previously Mr Walker has been a director of BT Investment Management, Goodman Fielder, Veda Advantage, AMP New Zealand Advisory Board and Chairman of the Foreign Direct Investment Advisory Board.  Mr Walker's previous executive experience includes being Chief Executive Officer of Bankers Trust New Zealand and BT Australia Investment Bank.

Sir Ron Brierley, Chairman of GPG, commented that "the new independent, non-executive directors appointed today are of the highest calibre and add significant depth and strength to the GPG Board.  We are delighted that they have joined the GPG Board.  I would also like to thank Mr Langley for his significant contribution to the Board over the last year."

Mr Allen, Mr Campbell, Mr Johnson and Mr Walker will hold office until the next Annual General Meeting in May 2011 where they will be eligible for re-election.

With the appointment of Mr Allen, Mr Campbell, Mr Johnson and Mr Walker having been made, and as foreshadowed in GPG's announcement on 28 June 2010, an independent sub-committee of the Board will now be established to evaluate all available strategic options.

The independent sub-committee will comprise the four new independent, non-executive directors.  At the completion of the evaluation process, the Board will update shareholders on the recommended strategy to maximise value for all shareholders.

Goldman Sachs & Partners Australia and Greenhill Caliburn, the joint financial advisers to GPG, will assist the sub-committee in its role.

Sir Ron Brierley commented that "the sole focus of the GPG Board remains maximising value for shareholders.  The appointment of the four new independent, non-executive directors and the establishment of the independent sub-committee of the Board to evaluate GPG's strategic options represent a key milestone in this process."

GPG will keep shareholders fully informed of further developments.

Ron Brierley
Chairman
Guinness Peat Group plc
Tel:  [phone]

22 September 2010

Directors' interests in ordinary shares of 5p each of Guinness Peat Group plc

Director	Current Total
Mr Rob Campbell	5,000

 

END

 

 

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