State of the Market - Board and Executive Movements January 2019

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA JANUARY 2019

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BACKGROUND Blenheim Partners specialise in: ▪ Executive Search; ▪ Non-Executive Director Search; ▪ Board Strategy and Structure Consulting; ▪ External Succession Planning; and ▪ Executive Re-Engagement / Transition. Founded in 2012, our team have acted as specialist Psychologists, Coaches and exceptionally adviser to many of the world’s leading experienced Researchers. corporations on Board and Executive performance, capability and succession planning. Blenheim Partners is continually investing in knowledge and understanding as exemplified by Our consultants have worked with clients from all our Thought Leadership “The Challenges of sectors and a broad range of geographies. They Attaining Growth”, Industry Papers and monthly include over 80 of the ASX 100, 10% of the FTSE Market Intelligence reports. 100, Private Equity, Multinational, Private Family and Mutually Owned Companies. Our philosophy is to develop deep and committed relationships with a select number of clients and Our work includes assignments that are both local help them deliver a superior performance by and international in scope. optimising the composition of their Board and Executive team. Our team consists of senior Search Consultants, Human Resource Directors, Our culture is built on pride, professionalism, esprit de corps and client service.

COMMERCIAL SERVICES ALS Ltd: Siddhartha Kadia has been appointed as a Non-Executive Director, effective 15 January 2019. ENERGY Caltex Australia Ltd: Matthew Halliday has been appointed as Chief Financial Officer, effective 15 April 2019. Freedom Oil & Gas Ltd: J. Russell Porter has been appointed as President and Chief Executive Officer effective 14 January 2019, Current President and Chief Executive Officer J. Michael Yeager will continue as Non-Executive Chairman. Infratil Ltd: Alison Quinn has resigned as Chief Executive Officer of RetireAustralia effective 31 March 2019, Anthony Heald has been appointed as Interim Chief Executive Officer. Vimy Resources Ltd: Tony Chamberlain has resigned as Chief Operating Officer and will join the Board as a Non-Executive Director, effective 1 February 2019. Z Energy Ltd: Chris Day has resigned as Chief Financial Officer effective 10 May 2019, Lindis Jones has been appointed as Chief Financial Officer effective 1 April 2019, Julian Hughes has been appointed as General Manager Strategy and Risk effective 1 April 2019. FINANCIAL SERVICES Amcil Ltd: Michael Hirst has been appointed Non-Executive Director, effective 23 January 2019. Australian Foundation Investment Company Ltd: Jacqueline Hey has retired as a Non-Executive Director, effective 18 January 2019. Bell Financial Group Ltd: Colin Bell has stepped down as Chairman but remains an Executive Director, Alastair Provan has been appointed Acting Chairman. Blue Sky Alternative Investments Ltd: Andrew Werro has been appointed Chief Risk Officer. Centrepoint Alliance Ltd: Andrea Slattery has resigned as a Non-Executive Director, effective 31 January 2019. INDUSTRIALS/MANUFACTURING Adelaide Brighton Ltd: Theresa Mlikota has been appointed as Chief Financial Officer, effective 15 April 2019. Austin Engineering Ltd: Sam Cruickshank has been appointed as Chief Financial Officer. Pro-Pac Packaging Ltd: Grant Harrod will finish in his role as Chief Executive Officer on 22 February 2019, Rick Rostolis has been appointed as Interim Chief Executive Officer. Xenith IP Group Ltd: Lesley Kennedy has resigned as Chief Financial Officer.

INSURANCE AMP Ltd: Andrea Slattery has been appointed as a Non-Executive Director, effective 15 February 2019. AUB Group Ltd: Mike Emmett has been appointed as Chief Executive Officer and Managing Director succeeding Mark Searles effective 11 March 2019. Tower Ltd: Marcus Nagel has been appointed as a Non-Executive Director, effective 14 January 2019. MEDIA Aspermont Ltd: Leah Thorne has been appointed as Group People Director. GTN Ltd: Corinna Keller has been appointed as a Non-Executive Director, effective 1 March 2019. MINING Altura Mining Ltd: Chris Evans has resigned as Chief Operating Officer. Ausdrill Ltd: Theresa Mlikota has resigned as Chief Financial Officer and will leave the company in the next three months, Peter Bryant has been appointed as Interim Chief Financial Officer. BCI Minerals Ltd: Tony Chamberlain has been appointed as Project Director, effective end of January 2019. Birimian Ltd: Chris Evans has been appointed as Managing Director. Cardinal Resources Ltd: Trevor Schultz has been appointed as a Non-Executive Director. CuDeco Ltd: Stephen Yip has resigned as a Non-Executive Director, Benjamin Zhai who was Mr Yip’s alternative Director has rejoined the Board as a Non-Executive Director. Explaurum Ltd: Kevin Lines has been appointed as Chairman and Tim Manners has been appointed as a Non-Executive Director. Galaxy Resources Ltd: Alan Fitzpatrick has been appointed as a Non-Executive Director. Indiana Resources Ltd: Bob Adam has been appointed as a Non-Executive Director effective immediately, Bruce McFadzean has resigned as a Non-Executive Director effective immediately. MZI Resources Ltd: Martin Purvis has resigned as Managing Director and Chief Executive Officer, effective immediately. Rimfire Pacific Mining NL: John Kaminsky has retired as Managing Director effective 31 January 2019 and will become a Non-Executive Director, Ramona Enconniere will retire from the Board effective 31 January 2019, Craig Riley has been appointed as Chief Executive Officer. Silver City Minerals Ltd: Bob Besley has resigned as Chairman effective 23 January 2019 and will remain as a Non-Executive Director for a further four weeks.

Sims Metal Management Ltd: Robert Bass has retired as a Non-Executive Director, effective 1 January 2019. South32 Ltd: Katie Tovich will succeed Brendan Harris as Chief Financial Officer effective 1 May 2019, to ensure a smooth transition Ms Tovich has assumed the role Deputy Chief Financial Officer effective immediately, Brendan Harris has been appointed Chief Marketing Officer taking over from Peter Finnimore effective 1 July 2019. Vector Resources Ltd: Guy-Robert Lukama and Yves Ilunga have been appointed as Non-Executive Directors. Wollongong Coal Ltd: Mitch Jakeman has been appointed as Chief Executive Officer, effective 4 February 2019. PROPERTY Scentre Group Ltd: Mark Bloom will retire as Chief Financial Officer effective April 2019, Elliott Rusanow has been appointed as Chief Financial Officer on Mark’s retirement. RETAIL/CONSUMER Adairs Ltd: Simon West and Kiera Grant have been appointed as Non-Executive Directors, effective 24 January 2019. Bega Cheese Ltd: Peter Margin has resigned as a Non-Executive Director, effective 31 January 2019. Fonterra Co-Operative Group Ltd: Judith Swales has been appointed as Acting Chief Operating Officer, Global Consumer and Foodservice effective 31 January 2019. Funtastic Ltd: Steven Leighton has resigned as Chief Executive Officer, effective 31 March 2019. Inghams Group Ltd: Andrew Reeves has been appointed as a Non-Executive Director, effective 14 January 2019. Ian Brannan has resigned as Chief Financial Officer and will leave the company after 6 months. Kathmandu Holdings Ltd: Amy Beck has been appointed as President Oboz and Kathmandu North America, effective 1 April 2019. Michael Hill International Ltd: Andrea Slingsby has been appointed as Chief Operating Officer, effective 9 January 2019. Nick Scali Ltd: Kevin Fine has resigned as Chief Financial Officer effective 6 February 2019, Christopher Malley has been appointed as Chief Financial Officer effective 6 February 2019. Super Retail Group Ltd: Anthony Heraghty has been appointed as Group Managing Director and Chief Executive Officer succeeding Peter Birtles, effective 31 March 2019. Treasury Wine Estates Ltd: Chief Operating Officer Robert Foye has left the company effective immediately, Deputy Chief Operating Officer Tim Ford has been appointed as Chief Operating Officer.

Vita Group Ltd: Paul Mirabelle has been appointed as a Non-Executive Director. TECHNOLOGY/TELECOMMUNICATIONS Arq Group Ltd: Amy Rixon has resigned as Chief Brand and Culture Officer, Samantha Easton- Cavanagh has been appointed Chief People Officer effective January 2019. Isentia Group Ltd: Abigail Cheadle has been appointed as a Non-Executive Director, effective 14 January 2019. Skyfii Ltd: James Scott has retired as Chairman and as a Non-Executive Director, Andrew Johnson has been appointed Chairman. Speedcast International Ltd: Sebastien Lehnherr has been appointed as Chief Operating Officer. Telstra Corporation Ltd: Jane Hemstritch has resigned as a Non-Executive Director, effective 15 January 2019. Urbanise.com Ltd: David Cronin has been appointed as a Non-Executive Director, effective 14 January 2019. Saurabh Jain has been appointed as Chief Executive Officer effective 21 January 2019, Executive Chairman Almero Strauss will return to the Board as a Non-Executive Director and Chairman. TRANSPORTATION Auckland International Airport Ltd: Jason Delamore has resigned as General Manager Marketing and Technology, effective April 2019. CTI Logistics Ltd: Matthew Watson has been appointed as a member of the executive team assuming responsibility for a number of business operations and administrative functions across the group including OH&S and chain of responsibility, Matthew Watson has resigned as a Non-Executive Director.

HOW TO SELECT AN EXECUTIVE SEARCH FIRM FOR YOUR NEXT SEARCH ASSIGNMENT One of the most critical questions you will face is how to choose an Executive Search Firm to represent your organisation in the market to acquire key executives that can affect the success or failure of your business. If you choose the right Executive Search Firm then you should get a highly qualified Executive that meets your specific organisational needs who will contribute to the future success of your organisation. If however, you choose the wrong Executive Search Firm your problems will multiply, from the issues of managing the wrong Executive to the consequences of your organisation’s success being compromised versus competitors. To make the right choice is therefore critical, and the following provides some guidance on the factors you should consider in making your decision as to which Executive Search Firm. WILL THEY AND CAN THEY REPRESENT YOU AND YOUR ORGANISATION POSITIVELY IN THE MARKETPLACE? Employer brand is an important consideration in the process of attracting high calibre candidates to your organisation. It is something that is developed and nurtured over many years and the last thing you want is someone representing you who does not understand your brand, your culture and your organisational values. The Executive Search Firm you select will for all intensive purposes be representing your brand in the marketplace. As a consequence, you need to ensure that the firm and those in that firm representing you understand, and are able to pitch your organisation in the best possible light to ensure the attraction of high calibre candidates, especially passive candidates.

WHAT PROCESS DOES THE EXECUTIVE SEARCH FIRM UNDERTAKE IN THE IDENTIFICATION OF CANDIDATES? The role of the Executive Search Firm is to find you the absolute best candidates in the market that match your brief. The process they employ is critical to achieving this outcome. If the process is poor, such as using their database and using job boards, the reality is you will not get the best candidates. You will simply be conducting a recruitment process which is generally reserved for lower level rather than Executive roles. In Executive Search you want the best candidates and that definitely needs to include passive candidates in the market. The only way to identify passive candidates is by research. To assess the research capability of your Executive Search Firm, ask them to explain their process for identifying passive candidates and in your client reference checks specifically ask client references as to the quality and breadth of the identified potential candidates. WHO WILL BE THE LEAD PARTNER AND THE TEAM FOR YOUR EXECUTIVE SEARCH AND HOW STRONG IS THEIR DESIRE AND COMMITMENT TO YOU THE CLIENT? The Lead Partner or Lead Partners (if you are lucky enough) are critical to the success of the Executive Search. You want to ensure that they are absolutely committed to your assignment and have the desire to ‘leave no stone unturned’ in ensuring that you get the very best candidates available in the market for your consideration. WHAT ARE THE “OFF LIMITS”? As a client when you engage an Executive Search Firm you are working on the basis that they are finding you the very best candidates for consideration in the market. You need to test this and ask yourself whether they can put up candidates for your consideration from their other client companies who they have or are working for. This is where the term “Off Limits” comes in. This fact is very important to you because the larger the “Off Limits”, the less of the market an Executive Search Firm is able to cover to access the best candidates. In simple terms, this means they will NOT be able to get you the best candidates in the market. If you think this through, the consequence is significant, because if your Executive Search Firm cannot access the best candidates in the market, but only a subset, you are not getting what you want or are paying for. So why would you engage them in the first place?

DOES YOUR EXECUTIVE SEARCH FIRM UNDERSTAND THE ROLE YOU ARE SEEKING AND THE NATURE OF THAT MARKET? This is fundamental, because if the Executive Search Firm and the Lead Partner in particular does not understand the role or the market, how can they undertake a search to find you the very best candidates? IS YOUR EXECUTIVE SEARCH FIRM AND THE LEAD PARTNER ACTIVE IN THOUGHT LEADERSHIP IN THE MARKET? Thought leadership is the ability to be continually thinking and researching how the market is changing, both in the broader sense and in the specific market in which your organisation operates. The reason this is important is because you want your Lead Partner to be thinking of the role you have today and what it might evolve into tomorrow. By knowing this, or at the very least having some context of the potential changes, your Executive Search Firm and Lead Partner can be pro-active in putting forward to you candidates for consideration that are right for your business of today, and others who may be right for your business of tomorrow. IS THERE AN AT-RISK COMPONENT OF THE FEE THAT ENSURES THE EXECUTIVE SEARCH FIRM HAS SKIN-IN-THE-GAME? There is nothing quite like an alignment between client and service provider needs, to ensure in this case your Executive Search Firm is listening to your needs as the client and going the “extra mile” to deliver against them. While an at-risk or performance component is not common in the Executive Search Industry you should take the opportunity to ask if there is such a component in the fee structure of the Executive Search Firms you are considering. If there is such a component, it can give you some comfort that you and your chosen Executive Search Firm will be aligned in achieving the common objective of the very best candidates in the market for your role. HOW MANY OF THE EXECUTIVE SEARCH FIRM’S CLIENTS ARE REPEAT BUSINESS? The ultimate test for all businesses is the repeat client test. It is the ultimate measure of client satisfaction because if a client keeps coming back for additional services from the Executive Search Firm you are considering, then you can be reasonably assured that the quality of their offerings is high and meeting the client’s needs. WHAT DO CLIENT REFERENCES SAY? At the end of the day, the test of what an Executive Search Firm tells you in their pitch for your work versus the reality of what they are doing is by client references. Ask for and take the time to speak to a number of the Executive Search Firm’s clients, and test their performance against all of the above criteria with the client references they provide.

Ultimately, by following the above you will be far more confident in the Executive Search Firm you select being able to deliver to you and your organisation the very best candidates in the market for the role you are seeking for your organisation.

DO YOU REALLY UNDERSTAND “OFF LIMITS” IN EXECUTIVE SEARCH? IF YOU DON’T, MAYBE YOU SHOULD “OFF LIMITS” – WHAT IT MEANS IN EXECUTIVE SEARCH Executive Search firms are professional services firms that undertake the process of Executive Search to find high quality executive candidates for their client companies. As a client when you engage an Executive Search Firm you are working on the basis that they are finding you the very best candidates for consideration in the market. But “are they” or indeed “can they”? By “can they” I mean can they ethically provide you the best candidates when they are working for other clients. That is can they put up candidates for your consideration from their other client companies who they have or are working for. This is where the term “Off Limits” comes in. “Off Limits” is a convention in the Executive Search industry that in simple terms means that an Executive Search firm who has been retained on a contingent basis by a client will place the interests of their client at the forefront, meaning that they: • Will not recruit from the department of a client where they have placed someone; or • Will not recruit from the company of a client where they have placed someone. Conventions vary but in general this period would be for two years following their last placement of a candidate and never the actual candidate. WHY YOU NEED TO CARE This fact is very important to you and you do need to care as a client because the larger the “Off Limits”, the less of the market your Executive Search firm is able to cover to access the

best candidates. In simple terms this means they will NOT be able to get you the best candidates in the market. If you think this through, the consequence is significant, because if your Executive Search firm cannot access the best candidates in the market and only a subset, you are not getting what you want or are paying for. So why would you engage them in the first place? BIG AND GLOBAL FIRMS VS BOUTIQUE FIRMS Thinking through the above it becomes abundantly clear the bigger your Executive Search firm, and further, if it is global, the less of the candidate market you have access to as a client. This may sound counterintuitive as you would normally think the bigger the firm and the greater their global footprint the greater their ability to find you the best candidates in the market. As can be seen from the above however this is not the case and the boutique firm will in most cases be better placed to provide you with the greater market coverage and access to the best candidates as it has less “Off Limits”. HOW BEST TO DEAL WITH “OFF LIMITS”? So how best to deal with the “Off Limits” issue as a current client and a potential client? Firstly, as a client, make sure you ask your Executive Search Firm two key questions: • What is your client list over the past two years and which of these can you not access candidates from for my search? • At the completion of my Executive Search how will “Off-Limits” apply to my company? That is will you now not target any of my staff for the next two years at the completion of my Executive Search? It is important to know this upfront, as clarity at this point will make the road smoother down the track in your dealings with Executive Search firms.