The move follows the close of the offer by investment group Seven Group Holdings (SGH) for Boral shares on 29 July and SGH’s resulting 69.6% ownership interest in Boral.
Ryan Stokes has been appointed chairman of the board of directors. Richard Richards, a nominee of SGH, has been appointed a director, while former chair Kathryn Fagg has retired from the board.
In addition, Peter Alexander and Deborah O’Toole will retire from the board immediately following Boral’s AGM in October this year.
Consistent with SGH’s intention, the Boral board is retaining a majority of independent directors and the governance framework will continue to be consistent with promoting the best interests of all shareholders.
A standing independent directors’ committee has also been established, consisting of all independent directors. A lead independent director will be appointed in due course and act as chair of the independent directors’ committee.
Boral chairman Ryan Stokes, commented: “On behalf of my fellow directors and shareholders I would like to thank Kathryn for her contribution to Boral. She has served Boral shareholders over multiple terms, overseeing significant changes and challenges in that time. Kathryn leaves Boral in a strong position, with an actionable transformation strategy and a well-progressed program of strategic divestments for its US businesses including continuing to assess options for the Fly Ash business."
He added: “I look forward to working with the board and management team to realise the potential through transformation and strong operating disciplines to deliver sustainable returns for Boral shareholders.”
