WA sandalwood company Tropical Forestry Services Ltd has completed sweeping changes to its board, with four directors including the CEO Tom Cullity stepping down to allow an independent majority.
WA sandalwood company Tropical Forestry Services Ltd has completed sweeping changes to its board, with four directors including the CEO Tom Cullity stepping down to allow an independent majority. In a move foreshadowed at the company's recent AGM, Mr Cullity along with Blaine Kidd, Julius Matthys and Graeme Scott have relinquished their roles as directors. Mr Cullity said he has been an advocate of a smaller board for some time, and sees his resignation as an opportunity to set an example, without diminishing his continuing role as CEO. Mr Kidd will continue to provide marketing services to the company. The company said Mr Matthys, who is now based in the Netherlands, has found it difficult to contribute to his satisfaction, due to his heavy commitments as a senior executive of BHP Billiton. International and interstate business interests are now taking up much of Mr Scott's time, making it difficult for him to contribute as much as he has done in the past. Coming on to the TFS board is Bell Potter senior investment adviser Blake Myles.
TFS said Mr Myles played a significant role in the company's public listing to the in December 2004. Mr Myles will assist the company in the development and implementation of its strategic plan.
"The reduced board is in keeping with the company's corporate governance plan to provide a majority of independent directors," the company said in an announcement.
Subscribe today for award-winning, unbiased and trusted journalism