Boral Limited has announced changes to its Board of Directors following the close of Seven Group Holdings Limited’s offer for Boral shares on Thursday, 29 July 2021 and SGH’s resulting 69.6% ownership interest in Boral.
The company has appointed Mr Ryan Stokes as Chairman of the Board of Directors and Mr Richard Richards, a nominee of SGH, as Director. The announcement also said that the former Chair, Ms Kathryn Fagg, has retired from the Board. In addition, Mr Peter Alexander and Ms Deborah O’Toole will retire from the Board immediately following Boral’s AGM in October 2021.
“Consistent with SGH’s intention, the Board retains a majority of independent Directors and the governance framework will continue to be consistent with promoting the best interests of all shareholders,” the company said.
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’s Chairman Mr Ryan Stokes, said, “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. The Board is very grateful for her service. I am also delighted to announce the immediate appointment of Richard Richards to the Boral Board. 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.”
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