The chairman of modular building company Nomad Building Solutions, Richard Blair has decided to retire a year earlier than planned.
The chairman of modular building company Nomad Building Solutions, Richard Blair has decided to retire a year earlier than planned.
The directors of Nomad have announced that Mr Blair will be replaced by Peter Abery.
Mr Blair has filled the chairman's role for the past six months and was intending to retire after Nomad's 2011 annual general meeting.
He has now decided not to stand for re-election at the company's forthcoming annual general meeting.
In further changes at the troubled company, Peter Slaughter has also confirmed he will retire at the completion of Nomad's $14.3 million Institutional and Entitlement Offer which was announced last week.
Earlier this year Nomad recorded a $10.7 million net loss after tax for the 2010 financial year.
It originally forecast an $8 million full-year loss.
The result was 153 per cent lower than the company's $20.1 million profit for the previous corresponding period.
See company statement below:
Nomad wishes to advise that Mr. Peter Slaughter has confirmed to the Company that he will retire from his position as a Non Executive Director subject to the completion of the current Institutional Placement and Entitlement Offer being undertaken by the Company, which was announced on 8 November 2010.
Mr. Richard Blair, currently Non Executive Chairman and who filled the role of Executive Chairman for some six months during 2010, was intending to retire following the 2011 Annual General Meeting. Mr. Blair has now decided not to stand for re-election at this year's forthcoming Annual General Meeting (2010 AGM) and will retire as Non Executive Chairman and as a Non Executive Director at the conclusion of the 2010 AGM.
The Directors of Nomad have elected Mr. Peter Abery, currently a Non Executive Director of Nomad, to fill the role of Non Executive Chairman after the conclusion of the 2010 AGM.
As previously announced on 8 November 2010, Mr. David Craig will join the Board as a Non Executive Director following the conclusion of the 2010 AGM.
The Board intends to recruit two new Non Executive Directors to join Mr. Abery and Mr. Craig as Non Executive Directors. Thereafter the Board will comprise four Non Executive Directors and the Managing Director, Mr. Michael Bourke.
