TFS promotes Gooding to chairman

TFS Corporation non-executive director Dalton Gooding has been promoted to the role of non-executive chairman after joining the company just one month ago, after Patrick O'Connor stood down from the role at a board meeting this morning.

The Perth-based sandalwood producer said the appointment was in line with a previously outlined “board refresh and expansion program”, which had already resulted in the appointment of non-executive directors Mr Gooding and John Groppoli in October.

The company said further appointments to the board should be expected.

Mr O'Connor, who was only appointed to the role of non-executive chairman last year, will remain on the board.

Mr Gooding is also on the board of RAC of WA, St Ives Group, Katana Capital and Brierty, and also runs his own business advisory firm Gooding Partners.

In November last year, he stepped down as chairman of biotech company Avita Medical after shareholders showed their displeasure with a 75 per cent ‘no’ vote against the company’s remuneration report at its annual general meeting.

Meanwhile, TFS also announced the appointment of Gillian Franklin to the board as an independent non-executive director, effective from December 1.

“Ms Franklin has extensive commercial experience, including as managing director and founder of The Heat Group, a distributor in Australia of leading cosmetic brands,” TFS said in a statement.

Ms Franklin serves on a number of boards, including the Australian Formula 1 Grand Prix as the chair of the audit and risk committee.

“Other board positions include the Melbourne Theatre Company, the Cosmetic Toiletry and Fragrance Association of Australia and ACCORD (the national industry association for the hygiene, cosmetic and specialty products industry,” TFS said.

Mr Gooding said Ms Franklin’s track record and experience in the cosmetics, fine fragrance and pharmaceutical industries would be valuable for TFS as the company continued to target those markets for its sandalwood oil.

Shares in TFS were 2.2 per cent higher at $1.37 per share at the close of trade.