Carnegie recruits Stinson as chairman

Former Orbital Corporation boss Terry Stinson will join the board of Carnegie Wave Energy next month and succeed Jeff Harding as chairman, while Mark Woodall will also join the board of the renewables company.

Mr Stinson, who remains a non-executive director of engine maker Orbital, and Mr Woodall will join Carnegie’s board at its annual general meeting in November, at which point Mr Harding will step down as chairman.

“I’d like to thank Jeff Harding for his hard work, support and dedication to Carnegie over the past eight years,” managing director Michael Ottaviano said.

“He has been instrumental in the development of our CETO technology and in the diversification of the business through the acquisition of microgrid developer Energy Made Clean.

“I’d like to welcome both Terry and Mark to the board as we embark on a new phase of growth across our wave, solar, battery and microgrid businesses.

“They both have an outstanding track record of success in business across renewable energy, finance, R&D, sales and manufacturing, that will be invaluable to Carnegie going forward.

“These changes are part of our ongoing program of business diversification and growth, which involves board renewal and cost reductions including recently achieving approximately $2.5 million in annualised cost savings from the combined Carnegie group.”

Shares in Carnegie were 4.6 per cent higher to 4.5 cents each at midday.