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

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA MARCH 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.

To the Board and Executive Community, I hope this finds you well. I appreciate you and your fellow Board and Executive Team members are very busy working through the Coronavirus Crisis. Over the next months, it is anticipated there will be a number of Board and Senior Executive changes as a result of the extraordinary circumstances. As a Board Advisory and Executive Search firm, we are currently engaged on a high number of confidential searches and fully appreciate the disruption and uncertainty facing Board and Leadership Teams. We acknowledge these are distressing times for many, so whilst helping organisations make top level appointments, we feel at Blenheim Partners we have an obligation to help those who are about to be or have been restructured out of their employment. Traditionally, Executive Search firms work with and are retained by the hiring organisation to fill mission-critical senior positions with the very best executive/leader for that role and are remunerated for delivering for our clients. Executive Search consultants are paid as consultants, not – as many perceive – as career advisors. In an effort to do our part, we encourage those who will be moving on or those that you know have moved on to forward their CV/bio details to us. This is typically not our area of focus, but in helping Senior Executives with their preparation for better times ahead for when the market turns, they will be ready, by being kept informed of the market conditions, having received regular insight and market commentary as well as potentially being informed of opportunities. Please note our expertise is at the most senior executive ranks and therefore encourage only those at that level to forward their details. This too shall pass. With warm regards, Gregory W.Robinson Managing Partner

ENERGY Armour Energy Ltd: Bruce Clement has been appointed as Chief Executive Officer. Cooper Energy Ltd: Tim Bednall has been appointed as a Non-Executive Director. Paladin Energy Ltd: Michael Drake has been promoted to Chief Operations Officer. Spark Infrastructure Ltd: Karen Penrose has indicated her intention to resign from the Board effective 27 May 2020. Tilt Renewables Ltd: Fraser Whineray has resigned as a Director. Vincent John Hawksworth has been appointed to the Board. FINANCIAL SERVICES AMP Ltd: Andrew Harmos will retire form the Board effective 8 May 2020. Eclipx Group Ltd: Damien Berrell has been appointed Group Chief Financial Officer effective 18 April 2020. Acting Chief Financial Officer, Jason Muhs will transition to Group Executive with oversight of productivity, investor relations and reporting. Dom Di Gori has been appointed Treasurer and James Allaway has been appointed Group Head Strategy, Restructuring and Mergers and Acquisition. EQT Holdings Ltd: Carol Schwartz AO has been appointed as a Non-Executive Director. HUB24 Group Ltd: Debbie Last has been appointed as Interim Chief Financial Officer and Company Secretary. Microequities Asset Management Group Ltd: Dr. Alexander Abrahams has been appointed as an Independent Non-Executive Director replacing Craig Shapiro. National Australia Bank Ltd: Chief Customer Officer of Consumer Banking Mike Baird has resigned effective 15 April 2020. Anthony Waldron will act as Chief Customer Officer, Consumer Banking. Chief Customer Officer, Business and Private Banking, Anthony Healy decided to leave after 10 years in the Bank. Michael Saadie will act as Chief Customer Officer, Business and Private Banking while NAB searches for a permanent replacement. NSX Ltd: John Karantzis has been appointed as a Director to the Board. John has also been appointed Interim Chief Executive Officer. Tom Price steps down as Interim Chief Executive Officer. Tom will remain as a Non-Executive Director. Ted Pretty has resigned as a Director. Pioneer Credit Ltd: Mark Dutton has resigned as a Director. Suncorp Group Ltd: Chief Information Officer, Sarah Harland has left the company. Darren Abbruzzese will act as Chief Information Officer while Suncorp searches for a permanent replacement.

Thorn Group Ltd: Paul Rathbone has been appointed as General Manager of Thorn Business Finance. INDUSTRIALS/MANUFACTURING Boart Longyear Ltd: Richard Wallman has resigned from the Board. Rubin McDougal has been appointed to the Board. Fletcher Building Industries Ltd: Steve Vamos has resigned from the Board. Fluence Corporation Ltd: Peter Marks retired as a Non-Executive Director. Incitec Pivot Ltd: Director, Joseph Breunig has retired from the Board. Phoslock Environmental Technologies Ltd: Robert Schuitema is retiring after 15 years as Managing Director and will be replaced by Lachlan McKinnon effective 13 May 2020. Matthew Parker has been appointed as Group Chief Financial Officer effective 4 May 2020. Chris Hu, currently Chief Accountant has been appointed Group Financial Controller. Zhou Yumin has been appointed Deputy General Manager Finance. Pro-Pac Packaging Ltd: Iona MacPherson has been appointed Chief Financial Officer. Reliance Worldwide Corporation Ltd: Group Chief Financial Officer, Gerry Bollman will leave the business. Andrew Johnson has been appointed Interim Group Chief Financial Officer. MEDIA/ENTERTAINMENT Crown Resorts Ltd: Alan McGregor has been promoted to Chief Financial Officer. WPP AUNZ Ltd: Former BNW Group Executive, Dominik Heitmar has been appointed Head of Corporate Strategy. Diane Holland has been appointed as a Non-Executive Director. Diane will be replacing Paul Richardson who has announced his plan to retire in May 2020. As part of a Board renewal programme, it is intended Graham Cubbin will also retire during the course of this calender year following the identification and appointment of a new Chair of Audit. MINING Clean TeQ Holdings Ltd: Michael Spreadborough has resigned as a Director to focus on a recent executive appointment. Evolution Mining Ltd: Vicky Binns and Peter Smith have been appointed as Non-Executive Directors. Director, Colin Johnstone resigned from the Board. Flinders Mines Ltd: Chief Executive Officer, David McAdam will be departing the company effective July 2020.

Grange Resources Ltd: Dan Tenardi has retired from the Board effective 27 May 2020. Metals X Ltd: Michael Spreadborough has been appointed as Interim Chief Executive Officer. Regis Resources Ltd: Russell Barwick has been appointed as an Independent Non-Executive Director. Stanmore Coal Ltd: Craig McCabe has been appointed as Chief Executive Officer. Yancoal Ltd: Independent Non-Executive Director, David Moult has been appointed as Chief Executive Officer replacing Reinhold Schmidt. The company intends to appoint an additional independent Non-Executive Director in compliance with the HKSE listing rules. Ning Zhang has been appointed as an Executive Director and Vice Chair replacing Fucun Wang. Lei Zhang has resigned as Chief Financial Officer. PHARMACEUTICALS/HEALTH CARE EBOS Group Ltd: Chief Financial Officer, Shaun Hughes has resigned and will leave effective 10 June 2020. Chief Accountant, Leonard Hansen will be Acting Chief Financial Officer. EBOS will commence a search. Impedimed Ltd: Gary Goetzke has resigned from the Board. Japara Healthcare Ltd: Founder and Chief Executive Officer, Andrew Sudholz has stepped down. Chief Financial Officer, Chris Price will be appointed as the new Chief Executive Officer and Managing Director. Anthony Rice, current Chief Investment Officer will assume the role of Chief Financial Officer. Nib Holdings Ltd: Nick Freeman has been appointed as Group Chief Financial Officer. Glenn Treadwell will step into the role of Acting Group Chief Financial Officer until Nick joins Nib. The company also announced senior management changes to reduce operating costs which include the departure of David Kan (Group Executive, International Business), Justin Vaughan (Group Executive, Benefits and Provider Relations) and Wendy Lenton (Group Executive, People and Culture). These roles will be absorbed within Nib’s existing leadership ranks. Sigma Healthcare Ltd: Wayne Johnston has been appointed Interim Chief Financial Officer. Jeff Sells, who stepped into the role previously, has returned to his role as Executive General Manager Retail Pharmacy. PROPERTY APN Property Group: Danielle Carter has been appointed as an Independent Non-Executive Director.

RETAIL/CONSUMER Fonterra Co-Operative Group Ltd: Chairman, John Monaghan has confirmed that he will retire as a Director when his current three year term ends in November. The Board plans to announce a Chair-elect by August. Under the Fonterra’s constitution, its Chairman must be selected from its pool of seven elected Farmer Directors on the Board. Freedom Foods Group Ltd: Genevieve Gregor will join the Board as an Independent Non- Executive Director. Metcash Ltd: Brad Soller has advised the Board of his intention to retire as Group Chief Financial Officer. Murray River Organics Group Ltd: Chief Financial Officer, Albert Zago has departed. A search has commenced. Nick Scali Ltd: Director, Greg Laurie has passed away. Super Retail Group Ltd: Annabelle Chaplain AM and Gary Dunne have been appointed as Non- Executive Directors. Synlait Milk Ltd: Angela Dixon has been appointed as Chief Financial Officer effective 15 June 2020. Tassal Group Ltd: Richard Haire has been appointed as a Non-Executive Director. The Reject Shop Ltd: Chief Financial Officer, Darren Briggs will leave the company effective 30 April 2020. Clinton Cahn, Head of Strategy and Corporate and Tanya Lomax, Head of Finance will lead the financial function. Treasury Wine Estates Ltd: Kirsten Gray has been appointed Chief Legal Officer and Company Secretary. TECHNOLOGY/TELECOMMUNICATIONS Amaysim Australia Ltd: Rupert Greenhough has been appointed as a Non-Executive Director. Appen Ltd: Vanessa Liu has been appointed as Independent Non-Executive Director. ARQ Group Ltd: Chief Financial Officer, Fraser Bearsley has ceased employment. Group Financial Controller, Brendan White has been appointed Interim Chief Financial Officer. BSA Ltd: Arno Becker has been promoted to the role of Chief Financial Officer. Corporate Travel Management Ltd: Greg Moynihan has retired from the Board. Robert Natter has retired from the Board. Gentrack Group Ltd: James Spence has been appointed as Chief Financial Officer.

Pushpay Holdings Ltd: Lovina McMurchy has been appointed as a Director. Director, Chris Heaslip has resigned. ResApp Health Ltd: Jamie Joint has been appointed as Director, Sales and Marketing, Europe. Nathan Buzza has resigned as a Non-Executive Director. SEEK Ltd: Non-Executive Director, Denise Bradley AC has passed away. Speedcast International Ltd: Peter Shaper and Joe Spytek have agreed to move to full-time Chief Executive Officer and President/Chief Commercial Officer roles respectively. Superloop Ltd: Michael Malone has decided to retire as Chair and from the Board. Superloop’s founder, Bevan Slattery has returned to the role of Non-Executive Chairman. In addition, Stephanie Lai has been appointed to the Board as an Independent Director. Xero Ltd: David Gunn has been appointed to the newly created role of Executive General Manager, Risk and Assurance. Mark Cross has been appointed as an Independent 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.