Former Futuris managing director Alan Newman has joined the board of infrastructure investment company Pacific Energy while chairman Brian Hewitt steps down.
Former Futuris managing director Alan Newman has joined the board of infrastructure investment company Pacific Energy while chairman Brian Hewitt steps down.
In a statement today, Pacific said Mr Newman will join the board immediately as an independent non-executive director.
Mr Newman, who has worked closely with Robert Holmes a Court, was managing director of Futuris, now known as Elders, from 1989 to 2003.
He aggressively expanded the company from a market capitalisation of $20 million to $1.5 billion.
Mr Newman has also held directorships with Australian Agricultural Company and Weeks Petroleum.
Meantime, Pacific deputy chairman Ian Middlemas has been appointed chairman following Mr Hewitt's decision to retire from the board.
Mr Middlemas has been a director with Pacific since 2006.
Pacific recently wrapped up its $77 million acquisition of Kalgoorlie Power Systems from Ken Hall, who now sits on the Pacific board.
The announcement is below:
The Directors of Pacific Energy Limited are pleased to advise that Mr Alan Newman has accepted an invitation to join the Board of the Company. Mr Newman will join the Board as an independent non-executive director (with immediate effect).
Mr Newman was Managing Director of Futuris Corporation Limited from 1989 to 2003 presiding over an increase in that company's market capitalisation from $20 million to $1.5 billion. Mr Newman's previous listed directorships include Elders Limited, Australian Agricultural Company Limited and Weeks Petroleum Limited.
Mr Newman has a rare depth of experience in the areas of corporate & strategy development, transaction execution, business management & integration and opportunity identification.
The Company's Chairman, Dr Brian Hewitt, has advised the Company of his wish to retire from the Board of the Company. The Board has resolved to appoint Mr Ian Middlemas, the Company's existing Deputy Chairman, to the position of Chairman of the Board of Directors. Mr Ian Middlemas has been a director of the Company since 23 June 2006.
The Board would like to express their appreciation for the contribution Dr Hewitt has made to the Company since his appointment in 2007 and particularly during the "company transforming" execution and successful completion of the acquisition of Kalgoorlie Power Systems.
Dr Hewitt remains a supportive shareholder of the Company and has endorsed the appointment of Mr Newman as a Non-Executive Director and Mr Ian Middlemas as Chairman of the Board of Directors.
