Perth-based construction and development group GRD Ltd has appointed former premier Richard Court as its non-executive chairman after the company's AGM next month, following Brettney Fogarty's decision to step down as chairman.
Perth-based construction and development group GRD Ltd has appointed former premier Richard Court as its non-executive chairman after the company's AGM next month, following Brettney Fogarty's decision to step down as chairman.
Mr Court has been appointed as the chairman-elect until the AGM, scheduled for Monday 29 May 2006, while Mr Fogarty, who founded GRD, will continue as a non-executive director.
Mr Court was previously the company's non-executive director.
The announcement follows the board's decision to split the roles of chairman and chief executive officer in line with the ASX principles of good corporate governance and best practice recommendations.
Mr Fogarty's family company, Quininup Holdings Pty Ltd, is GRD's major shareholder with 55.5 million shares representing a 28.9 per cent interest as at 31 March.
At current share price, Mr Fogarty's shareholding is estimated to be worth over $130 million.
Mr Fogarty is a member of the Securities Institute of Australia and a former member of the Australian Stock Exchange.
Earlier this month, GRD announced recently appointed chief executive Cliff Lawrenson would be appointed as a director of the GRD board, while Peter Bryant would be appointed to fill the role of company secretary vacated by Mr Lawrenson.
At market close, shares in GRD were down 2 cents to $2.40.
Below is the announcement:
GRD Limited announced today that Brettney Fogarty would step down as chairman of the Board at the GRD Annual General Meeting next month.
This follows the Board's decision to split the roles of chairman and chief executive officer in line with the ASX Principles of Good Corporate Governance and Best Practice Recommendations.
The Board has appointed the Hon. Richard Court AC as the chairman-elect until the Annual General Meeting, scheduled for Monday 29 May 2006, following which he will become non-executive chairman.
Mr Fogarty, who is the major shareholder in GRD, will continue as a non-executive director.
Mr Fogarty said that GRD has evolved considerably since the genesis of the company seven years ago, and its transformation into a vibrant global company is a credit to the Board, the management team, and all employees.
"I believe that each of GRD's subsidiaries has a unique opportunity to grow into a major business in years to come and I am confident in the talents and strengths of the leadership team to deliver on both the Board's and shareholder's expectations," he said.
Mr Court said that Brettney Fogarty had founded GRD and has grown this business into the strong presence that it currently enjoys in the resources and waste management markets globally.
"The GRD Board is extremely grateful to Brettney for his leadership and vision in establishing and growing an internationally resilient company and establishing a strong foundation for growth," he said.
Mr Court was premier and treasurer of Western Australia from 1993 to 2001 and retired from Parliament after nineteen years as the member for Nedlands. His government achieved the successful privatisation of SGIO, BankWest, AlintaGas, Westrail Freight and DBNG Pipeline. Mr Court was actively involved with initiatives to expand the resources sector including the successful deregulation of the Western Australian gas market, the LNG marketing push into China and Korea, and infrastructure support for the mining and oil and gas sector - these interests are now being actively pursued through the private sector. Mr Court is a commerce graduate from the University of Western Australia.
