Directorate Change

RNS Number : 9680D

Guinness Peat Group PLC

30 March 2011

 



GUINNESS PEAT GROUP PLC

ANNOUNCEMENT

Guinness Peat Group plc ("GPG") announces that Dr Gary Weiss has decided today to resign from his role as an Executive Director of GPG with effect from 30^th April 2011. It has been agreed that Dr Weiss will remain as Chairman of Coats for an initial period of at least twelve months and provide further consultancy services to GPG, if required, so as to work with the Board to assist with maximising value for all GPG shareholders.

Mr Mark Johnson AO, Chairman of GPG said "I wish to thank Dr Weiss for his contribution to GPG during his tenure as an Executive Director".

Mr Johnson separately noted that he will not be standing for election at the forthcoming Annual General Meeting scheduled to take place on 8 June 2011.

Mr Johnson joined the board in September 2010 to assist GPG in developing its response to a rapidly changing market place. During this period extensive work was carried out under the guidance of Mr Johnson's chairmanship, culminating in the important announcement made in February. With the company's new direction in place, the role of chairman will be somewhat different, with an emphasis on asset realisation and an orderly wind down of activities. Mr Johnson feels that his other commitments and priorities are such that, with the company's strategic future determined, it is in GPG's interests for him to stand down and to allow a new chairman to guide the company in its new phase of development. 

A further announcement will be made in due course regarding the appointment of a new Chairman of GPG.

________________________________________________________

Enquiry details are:

New Zealand media:                 Geoff Senescall on:       [phone]

            Australian media:                      Andrew Stokes on:       [phone]

            UK media:                                Kevin Smith on:            [phone]

            ________________________________________________________

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

30 March 2011

 

END

 

 

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