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GPG gets new chairman immediately

Wednesday 6th April 2011 1 Comment

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Guinness Peat Group has appointed Rob Campbell has its new chairman, replacing Mark Johnson.

Johnson has stepped down, immediately, as a director and as chairman. He earlier announced that he was going to step down as chairman at the forthcoming annual meeting and not to seek re-election.

Campbell chaired the Independent Board Committee which recommended the plan to optimise value for all shareholders which was announced by GPG on February 11.

The board has now decided that this plan can be achieved with its existing resources and is not proceeding with the search for an external senior executive.

The board has also started a process to select an individual based in Australia to replace Johnson as an independent non-executive director.

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Comments from our readers

On 14 April 2011 at 3:57 pm packman said:
this is not good news, the new chairman is trying to prolong the winding down of assets to 3-5 years. Not a good appointment.
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