State of the Market - Board and Executive Movements for October 2020

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA OCTOBER 2020

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.

ENERGY Carnarvon Petroleum Ltd: Debra Bakker has been appointed as a Non-Executive Director. Director, Julian Fowles has resigned to pursue a CEO role. Elixir Energy Ltd: Anna Sloboda has been appointed as a Non-Executive Director. Karoon Energy Ltd: Julian Fowles has been appointed Chief Executive Officer and Managing Director effective 27 November 2020. Oil Search Ltd: Sir Mel Togolo has stepped down from the Board Origin Energy Ltd: Ilana Atlas and Joan Withers have been appointed as Non-Executive Directors effective 19 February 2021 and 21 October 2020 respectively. Senex Energy Ltd: Director, Debbie Goodin will retire from the Board. Strike Energy Ltd: Mary Hackett has been appointed as a Non-Executive Director replacing Jody Rowe who will retire from the Board. FINANCIAL SERVICES Clime Investment Management Ltd: Director, Allyn Chant has resigned from the Board. Peter Beaumont and Brett Spork have been appointed as Non-Executive Directors. Director, Neil Schafer has been promoted to Chairman replacing Donald McLay. Euroz Ltd: Ian Parker and Richard Simpson have been appointed as Non-Executive Directors. Evans Dixon Ltd: Tony Pitt has joined the Board as a Non-Executive Director effective 11 November. Director Anthony Pascoe will retire upon Tony’s commencement. FlexiGroup Ltd: Director, Jodie Leonard will retire from the Board, effective 19 November 2020. McMillan Shakespeare Ltd: Helen Kurincic will succeed Tim Poole as Chair. Tim will continue as a Director until October 2021. MFF Capital Investment Ltd: Chairman, Andy Hogendijk has retired from the Board. National Australia Bank Ltd: Director, Geraldine McBride will retire from the Board effective 18 December 2020. Navigator Global Investments Ltd: Nicola Meaden Grenham has been appointed as an Independent Non-Executive Director. Plenti Group Ltd: Susan Forrester AM has been appointed as an Independent Non-Executive Director. PSC Insurance Ltd: Principal, Peter Burtenshaw will retire from the business. QBE Insurance Group Ltd: Richard Pryce will assume the role of Interim Group Chief Executive Officer. Mike Wilkins will return to his role as Chairman.

QuickFee Ltd: Simon Yeandle has been appointed as Chief Financial Officer. Suncorp Group Ltd: Jimmy Higgins has been appointed permanently as Chief Executive Officer, New Zealand. Thorn Group Ltd: Director, Kent Bird has resigned from the Board. Luis Orp has been appointed as Chief Financial Officer replacing Peter Forsberg. Transurban Ltd: General Manager Treasury and Capital Markets, Tom McKay has been appointed Interim Chief Financial Officer, effective 13 November 2020. WAM Alternative Assets Ltd: Dania Zinurova has been appointed as Portfolio Manager. Miles Staude has resigned from the Board. INDUSTRIALS/MANUFACTURING Boral Ltd: Chairman, Kathryn Fagg has indicated that she is willing to retire in 2021. Tino La Spina has been appointed Chief Financial and Strategy Officer replacing Rosaline Ng. Clover Corporation Ltd: Directors, Merilyn Sleigh and Cheryl Hayman are standing down from the Board. Toni Brendish and Simon Green have been appointed to the Board as Non-Executive Directors. Emeco Holdings Ltd: Director, Darren Yeates has resigned from the Board after accepting an executive role at an international mining company. GUD Holdings Ltd: Deputy Chairman, Graeme Billings has been appointed Chairman. Director, Anne Templeman-Jones has been appointed Deputy Chair. Midway Ltd: Director, Anthony “Tony” Bennett will retire from the Board. Nufarm Ltd: Paul Townsend has been appointed Chief Financial Officer. MEDIA/ENTERTAINMENT Crown Resorts Ltd: CEO Australian Resorts, Barry Felstead will leave the company by years end. Director, John Alexander has retired from the Board after more than a decade. Director, John Horvath has also announced his intention to retire from the Board. IVE Group Ltd: Director, Carole Campbell has resigned from the Board effective 24 November 2020. Nine Entertainment Co. Holdings Ltd: Managing Director of Commercial, Alexi Baker has resigned after nine years with the group. WPP AUNZ Ltd: John Steedman has retired from his executive role as COO.

MINING Aguia Resources Ltd: Chief Financial Officer, Paul Bozoki has resigned. Atrum Coal Ltd: Glen Koropchuk has been appointed as a Non-Executive Director. Glen is the nominee appointment of major shareholder, Warburton Group. Aurelia Metals Ltd: Director, Michael Menzies has retired from the Board. Bardoc Gold Ltd: Study Manager, Andrew Francis has been promoted to Chief Operating Officer. Mark Roberts has been appointed as Project Manager. BCI Minerals Ltd: Sam Bonnett will join as Project Director. Tony Chamberlain has been promoted to the new role of Chief Operating Officer. Colyn Louw has been appointed Head of People Safety after acting in this role since earlier in 2020. Danakali Ltd: Rod McEachern has been appointed as Chief Operating Officer effective 3 December 2020. FAR Ltd: Director, Julian Fowles has resigned. Horizon Gold Ltd: Leigh Ryan has been appointed as Managing Director effective 1 January 2021. IGO Ltd: Director, Neil Warburton has resigned. Jadar Resources Ltd: Alastair Bauer has been appointed General Manager, Queensland Granite Belt Silver Project. Maca Ltd: Sandra Dodds has been appointed as an Independent Non-Executive Director. Chair, Andrew Edwards has advised he will retire at the upcoming Annual General Meeting. Director, Geoff Baker will succeed Andrew as Chairman. Navarre Minerals Ltd: Director and Company Secretary, Colin Naylor will retire from the Board effective 31 December 2020. New Hope Corporation Ltd: Acting Chief Financial Officer, Rob Bishop has been appointed permanently as Chief Financial Officer. Orocobre Ltd: Patricia Martinez has been appointed as a Non-Executive Director effective 1 December 2020. Peak Resources Ltd: Chief Financial Officer, Graeme Scott has resigned effective January 2021. Justin Grinceri has been appointed Acting Chief Financial Officer and Company Secretary. Pensana Rare Earths Plc: Dave Hammond will step down as Chief Operating Officer effective 1 January 2021. Lindsay Northover has been appointed as a Non-Executive Director. Resolute Mining Ltd: Chief Executive Officer, John Welborn has stepped down. Chief Financial Officer, Stuart Gale has been appointed as Interim Chief Executive Officer. South32 Ltd: Chief Technical Officer, Vanessa Torres to take control of the company’s health, safety and environmental responsibilities and Chief Commercial Officer, Brendan Harris will take control of human resources. Kelly O’Rourke has been promoted to the newly created role of Chief External

Affairs Officer. As a consequence, Chief Sustainability Officer, Rowena Smith and Chief People and Legal Officer, Nicole Duncan will depart the company. Swick Mining Services Ltd: Jason Marinko has been appointed as Managing Director of Swick’s Mineral Technology Business. Talga Resources Ltd: Martin Phillips has been promoted to Chief Executive Officer, Europe. Western Area Ltd: Yasmin Broughton has been appointed as an Independent Non-Executive Director. Director, Craig Readhead will retire from the Board. PHARMACEUTICALS/HEALTH CARE CSL Ltd: Joy Linton has been appointed as Chief Financial Officer. Capitol Health Ltd: Chief Financial Officer, Marcell Judkins has resigned as Chief Financial Officer. Craig Bremner has been appointed as Chief Financial Officer. Ecofibre Ltd: Kristi Woolrych has been appointed as an Independent Non-Executive Director. Invion Ltd: Alistair Bennallack has been appointed as a Non-Executive Director. Medical Developments International Ltd: Brent MacGregor has been appointed as Chief Executive Officer. Gordon Naylor has been appointed as a Non-Executive Director. Opthea Ltd: Jeremy Levin has been appointed Chairman replacing Geoffrey Kempler. Paradigm Biopharmaceuticals Ltd: Beverly Huttmann has been appointed as Commercial Head. Justin Cahill has been appointed as Chief Financial Officer. Catherine Stapledon has been appointed as R&D Translational Scientist. PROPERTY ALE Property Group Ltd: Guy Farrands has officially commenced as Chief Executive Officer and Managing Director with effect from 1 October 2020. Home Consortium Ltd: Christopher Saxon to become Independent Chairman effective 1 January 2021. In effect, Executive Chair, David Di Pilla will become Managing Director and Chief Executive Officer effective 1 January 2021. Kelly O’Dwyer has accepted an invitation to join the Board subject to consent from securityholders at the Annual General Meeting on 18 November 2020. Mirvac Group Ltd: Director, Peter Hawkins has resigned from the Board effective 19 November 2020. Transurban Group Ltd: Robert Whitfield AM and Tim Reed have been appointed as Non-Executive Directors, effective 1 November 2020.

RETAIL/CONSUMER Adairs Ltd: Chair, Michael Butler has retired from the Board. Director, Trent Peterson has been appointed interim Chair, until a new Chair is appointed. Blackmores Ltd: Executive Director, Marcus Blackmore AM and Director Brent Wallace are stepping down from the Board. Anne Templeman-Jones has been appointed Chair. Freedom Foods Group Ltd: Josee Lemoine has been appointed Chief Financial Officer effective 16 November 2020. Harvey Norman Ltd: Luisa Catanzaro has been appointed as a Non-Executive Director replacing Graham Paton. Marley Spoon AG: Jennifer Bernstein has been appointed Chief Financial Officer Designate. Michael Hill international Ltd: Director, Janine Allis has resigned from the Board. Myer Holdings Ltd: Chairman, Garry Hounsell has retired from the Board. JoAnne Stephenson has been appointed Acting Chairman whilst a global search is underway. The PAS Group Ltd: Directors, Michael Gordon and Silvia Mazzucchelli have resigned from the Board. Think Childcare Group Ltd: Nick Anagnostou has been appointed as a Non-Executive Director. Woolworths Group Ltd: David Walker has been promoted to the newly created position of Chief Risk Officer reporting to the Group CEO. Pejman Okhovat has been appointed as Managing Director, Big W effective Q4 FY2021. In the interim, Teresa Rendo will act as Managing Director, Big W. Yowie Ltd: Tudor Marsden-Huggins has been appointed as a Non-Executive Director. TECHNOLOGY/TELECOMMUNICATIONS 4DS Memory Ltd: Wilbert van den Hoek has been appointed as a Chairman replacing Jim Dorrian who will remain on the Board as a Non-Executive Director effective November 2020. Altium Ltd: Executive Director, Sergey Kostinsky has been promoted to the newly created role of President. Chief Financial Officer, Joe Bedewi has stepped down in order to take on the newly created role of Executive Vice President, Corporate Development and External Affairs. Martin Ive has been promoted to Chief Financial Officer. BidEnergy Ltd: Rodney Frye has been appointed as President, USA. Fionn O’Keeffe has been appointed as Chief Financial Officer, effective 23 November 2020. Chorus Ltd: General Manager Strategy and Business Operations, Vanessa Oakley will leave the business in 2021. Envirosuite Ltd: Sue Klose has been appointed as a Non-Executive Director effective 1 December 2020. Gentrack Group Ltd: Andy Green CBE has been appointed as Chair. Director, Andy Coupe has resigned from the Board. Stewart Sherriff has been appointed as a Non-Executive Director. Director, Leigh Warren has resigned from the Board.

Iselect Ltd: Chief Marketing Officer, Warren Hebard has been promoted to Chief Executive Officer. Brodie will remain on the Board and will mentor Warren to ensure a smooth transition. Livehire Ltd: Ben Brooks has been appointed as Chief Financial Officer. MNF Group Ltd: Chair, Terry Cuthbertson will retire from the Board at the end of 2020 after more than 14 years as Chair. QANTM Intellectual Property Ltd: Director, Abigail Cheadle has retired from the Board, effective 27 November 2020. REA Group Ltd: Director, Roger Amos will retire from the Board effective 17 November 2020. Seek Ltd: Prof Linda Kristjanson AO has been appointed as a Non-Executive Director. Spark New Zealand Ltd: Director, Ido Leffler has resigned from the Board. Superloop Ltd: Director, Greg Baynton has resigned from the Board effective 18 November 2020. Telstra Corporation Ltd: David Burns has been appointed Group Executive Enterprise replacing Michael Ebeid. Dean Salter has been appointed Group Executive Global Business Services. TRANSPORTATION A2B Australia Ltd: Rick Millen will retire from the Board effective 19 November 2020. Air New Zealand Ltd: Leanne Geraghty has been appointed to the newly created role of Chief Customer and Sales Officer. CFO, Jeff McDowall will leave the company in the middle of 2021. Atlas Arteria: Andrew Cook has been appointed as an Independent Non-Executive Director and Director, Derek Stapley has retired from the board, effective 26 November 2020. Qube Holdings Ltd: Nicole Hollows has been appointed as a Non-Executive Director. Virgin Australia Group Ltd: Jayne Hrdlicka has been appointed Chief Executive Officer effective early November.

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 intents and 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.