14/10/2008 - 10:05

Port Bouvard MD, chairman to resign

14/10/2008 - 10:05

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Port Bouvard Ltd chairman Michael Perrot and managing director Ross Neumann are set to stand down in the middle of next year.

Port Bouvard Ltd chairman Michael Perrot and managing director Ross Neumann are set to stand down in the middle of next year.

Both men will stay on as non-executive directors for the company.

Mr Neumann took control of the company in 1998, then known as Menzies Court Holding Ltd, and was instrumental in changing the company's direction from mortgage originator to property developer.

Mr Perrott stands down after six years as chairman.

 

Below is the announcement:

Mr Ross Neumann, Managing Director of Port Bouvard Limited, has advised the Board of Director's that he would like to step down from his position by the 1st July 2009. Mr Neumann, who took control of the Company in February 1998 (formerly Menzies Court Holding Ltd), was instrumental in the Company changing direction from mortgage originator to property developer. During his term, the Company purchased and developed Port Bouvard Residential Estate, just south of Mandurah, and Princeton Private Estate in Stirling. In the last 2 years following Mr Neumann's recommendation that the Company continue as a successful land development company, undertook major acquisitions at Point Grey, Melros and Dawesville in the Peel Region, Gidgegannup in the Perth Hills and Esperance on the south coast. These purchases laid the foundations for a future 5,000 lots to be developed over the next 10 -15 years.

As part of its long term planning, the Company has undertaken a number of strategic reviews and in accordance with good corporate governance, a succession plan has been formulated and a search for a new Managing Director has commenced.

Mr Neumann will stay on as a non executive Director and consult to the Company.

Mr Michael Perrott will stand down as Chairman effective 1st July 2009. Mr Perrott has been Chairman since 2002 and will stay on as a non executive Director.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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