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Brambles Industries (BI.)

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Thursday 25 September, 2003

Brambles Industries

Board Change

Brambles Industries PLC
25 September 2003

             David Turner to be appointed Chief Executive Officer -

            Sir CK Chow leaves to take up new position in Hong Kong

The Boards of Brambles Industries Limited and Brambles Industries plc today
announced that David Turner will be appointed Chief Executive Officer following
Sir CK Chow's resignation to take up the position of Chief Executive Officer of
the Hong Kong-listed MTR Corporation Limited.

Brambles Chairman Don Argus said: 'Sir CK has led Brambles during a period of
major change.

'While there is of course some way to go, the restructuring programme started by
CK is on track, and we re-affirm the outlook statement made as part of Brambles
recent annual results announcement.

'However, we understand CK's decision to return to Hong Kong and we wish him
every success in the future.'

David Turner joined Brambles in 2001 as Chief Financial Officer, on the
formation of the dual listed companies structure. Previously, Mr Turner was
Finance Director of GKN plc which he joined in 1993, Finance Director of food
group Booker plc and he has also worked for Mobil Oil and Touche Ross. He is a
resident of Australia.

Mr Argus said: 'David has the full support of the Board in growing Brambles'
core businesses and, in particular, continuing the turnaround of CHEP.

'He is an outstanding international executive with appropriate industry
experience and detailed knowledge of Brambles and its global businesses that
make him the right choice to lead the Company.

'At Brambles, he has built a strong finance function and was instrumental in
introducing Brambles Value Added - the measure of performance as profit less the
cost of capital - to focus everyone in the company on shareholder value.'

Commenting on his appointment, Mr Turner said: 'I am delighted to be given the
opportunity to lead Brambles.

'The CHEP business improvement strategies have now been in place for 12 months
in the United States and six months in Europe. The significant progress we have
made demonstrates the turnaround in CHEP is on track.

'Cleanaway is performing well, Recall continues to grow and Brambles Industrial
Services is performing steadily.

'I have worked closely with the heads of our global business units over the past
two years and I look forward to working with them to build on the progress
achieved to date.'

The recruitment process for a new Chief Financial Officer is underway.

Sir CK said: 'It has been a privilege to be a part of Brambles as we have
created a number of leading, global businesses. I have enjoyed working with the
Board and management team and I have every confidence in the future of the

'I am looking forward to returning home to become Chief Executive Officer of a
company so integral to Hong Kong.'

MTR owns and operates the Hong Kong mass transit system and is a major
infrastructure and property owner and developer. It currently has a market
capitalisation of HK$55 billion (A$10.4 billion/£4.3 billion at today's exchange

Sir CK will leave the company on 20 October 2003. Under his contract, Sir CK
will receive payments on his departure totalling £182,770 relating to the
balance of the notice period he is required to serve, to be paid by way of cash
and pension contributions. He will retain his sign-on grant and performance
share rights, pro-rated for the period actually served. These will continue to
be subject to their terms of issue, as outlined in the Brambles 2003 Annual
Report and Review. Details of the numbers of performance shares to be retained
and the performance hurdles to which they are subject are included below. All
options granted to Sir CK will lapse. Sir CK will also be entitled to reasonable
relocation expenses and accrued annual leave entitlements.

The March 2003 announcement which indicated that David Turner would leave
Brambles at the end of 2004 no longer applies.  Details of Mr Turner's new
contractual arrangements will be announced in the near future.

                                _____ ooo _____

Further information

All media and investor enquiries

United Kingdom

Telephone        +44 (0)20 7659 6000


Telephone:        +612 9256 5222

Background information

David Turner - biographical details

David Turner (age 58) was appointed Chief Financial Officer of Brambles in
August 2001 on the formation of the DLC. Previously, Mr Turner was Finance
Director of GKN plc, which he joined in 1993. Before joining GKN plc he was
Finance Director of the food group Booker plc. He has previously worked for
Mobil Oil and Touche Ross and is a Fellow of the Institute of Chartered
Accountants in England and Wales. He is a Non-executive Director of Whitbread

He is a resident of Australia.


A leading global support services provider with operations in almost 50
countries. It employs approximately 30,000 people and has assets of A$9.5
billion/ £3.7billion.

Its global businesses are CHEP (the global leader in pallet and plastic
container pooling services), Cleanaway (waste management and recycling), Recall
(information management) and Brambles Industrial Services (support services to
heavy industry).

Brambles operates under a dual listed companies structure. Brambles Industries
Limited is listed on the Australian Stock Exchange and Brambles Industries plc
is listed on the London Stock Exchange. Its global headquarters is in Sydney,



                                                2001         2002         2003
                                              Series       Series       Series
Grant Date                                  7 Aug 01     5 Sep 02     10 Sep 03
Number of Performance Shares Granted         181,300      320,804      418,054
                                            ----------   ----------   ----------
Pro-rated number of Performance Shares to    132,997      120,009       15,257
Vest                                        ----------   ----------   ----------
(subject to performance hurdles)


Base year EPS (pence per share)                 13.4         13.0         11.5
                                            ----------   ----------   ----------
Threshold Vesting - 25% of shares             33,249       30,002        3,814
accessible                                  ----------   ----------   ----------

Satisfaction in 2004                            16.4
Satisfaction in 2005                            17.6         15.9
Satisfaction in 2006                            18.8         17.0         14.1
Satisfaction in 2007                            20.1         18.2         15.1
Satisfaction in 2008                          Lapsed         19.5         16.1
Satisfaction in 2009                                       Lapsed         17.3
                                            ----------   ----------   ----------
Full Vesting - 100% of shares                132,997      120,009       15,257
accessible                                  ----------   ----------   ----------

Satisfaction in 2004                            20.4
Satisfaction in 2005                            23.4         19.8
Satisfaction in 2006                            27.0         22.7         17.5
Satisfaction in 2007                            31.0         26.1         20.1
Satisfaction in 2008                          Lapsed         30.1         23.1
Satisfaction in 2009                                       Lapsed         26.6
                  -----------------------   ----------   ----------   ----------


Share Rights subject to sign-on grant        443,012


Base year EPS (pence per share)                 13.4
Threshold Vesting - 25% of shares            110,753
accessible                                  ----------

Satisfaction in 2004                            16.4
Satisfaction in 2005                            17.6
Satisfaction in 2006                            18.8   then lapse if not
Full Vesting - 100% of shares                443,012
accessible                                  ----------

Satisfaction in 2004                            20.4
Satisfaction in 2005                            23.4
Satisfaction in 2006                            27.0   then lapse if not

                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t