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Boral chairperson flags willingness to retire

 

Ahead of Boral’s annual general meeting, chairperson Kathryn Fagg has announced her willingness to retire from the board.

Boral’s annual general meeting is scheduled for 27 October, 2020, with Kathryn Fagg confirming she is ready to retire if not re-elected.

Fagg’s stance for re-election will help support leadership stability during Boral’s board renewal.

The aggregates giant has also responded to shareholder concerns over the level of representation from Seven Group Holdings after Boral previously announced Seven Group’s chief executive officer Ryan Stokes and chief financial officer Richard Richards had been nominated as non-executive board directors to Boral’s board.

Seven Group has since withdrawn its nomination of Richards as a director.

“The board continues to believe that proportionate representation on the board for significant shareholders (subject always to calibre and experience) is appropriate and appreciates the willingness of Seven Group to reduce its representation on the board at this time, recognising that the position can be reconsidered once further board renewal is undertaken,” a Boral statement read.

The Boral board is aiming to strengthen its performance and direct the company into good stead through a management team that benefits all shareholders.

Former Qantas chief executive officer Tino La Spina has also been appointed as chief finance and strategy officer at Boral, to replace the outgoing Ros Ng who is leaving the company in early 2021.

“We look forward to Tino joining the Boral team. He brings a strong track record of financial and strategic business leadership,” Boral chief executive officer Zlatko Todorcevski said.

“His time at Qantas has given him valuable experience and proven his ability to manage and contribute to the leadership of large scale, complex listed businesses in challenging conditions.

“As well as strong technical skills as a strategic CFO, he has proven operational skills, including the delivery of change and transformation, M&A transactions and capital allocation, all of which will be critically important in his role at Boral.”

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