Paganin joins SCEE board

Former GMP Securities managing director Karl Paganin has joined the board of Southern Cross Electrical Engineering, after half of the company’s board walked out last month.

Mr Paganin, who was also previously executive director of the broking arm of Euroz, will bring over 15 years of senior experience in investment banking, specialising in transaction structuring, equity capital markets, mergers and acquisitions, and providing management advice to listed public companies.

Prior to his role at Euroz, he was director of major projects and senior legal counsel for Heytesbury, the private trading company of the Holmes à Court Family, which was the proprietor of John Holland.

SCEE chairman Derek Parkin said Mr Paganin’s experience complemented the skillset of the company’s existing directors and his appointment increased independent representation on the board.

Last month, half of the board of SCEE, including its chairman at the time John Cooper, quit citing a difference in opinion of strategic direction after the company after the company initiated a number of redundancies and cost-saving initiatives in response to the tough climate for local contractors.

SCEE shares closed 1.6 per cent lower to 29 cents each.