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

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA MAY 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, As Governments announce their plans on having us return to our offices, Blenheim Partners remains committed to you and the community. As a leading Executive Search firm, we set ourselves the task of providing a platform of senior leadership and market intelligence to assist leaders to accelerate the broader economic recovery. Over the past eight weeks, the team at Blenheim have stepped up to the challenge and doubled the effort, which included the interviews of senior leaders across all industries in the No Limitations series, to share the current thinking and possible solutions as we progress through the crisis and prepare for the future. In true spirit, the below guests gave up their valuable time and on behalf of Blenheim Partners, we thank them. We encourage you to listen to each of the below as we continue to navigate the new normal.  Richard Goyder AO - Chairman of Woodside Petroleum, Qantas Airways Ltd and AFL  Adrian Turner – Co-Founder, Borondi Group and Former CEO, CSIRO Data61  Tim Salt - Managing Director and CEO, GWA Group Ltd  Michael Hawker AM - Non-Executive Director, Macquarie Group Ltd and Washington H. Soul Pattinson  Naomi Simson - Founder, RedBalloon and Co-Founder, Red Group  Mehrdad Baghai - Chairman, Alchemy Growth and CEO, High Resolves  John Fraser - Chairman, AMP Capital Holdings Ltd and Former Secretary to the Australian Treasury  Mick McCormack - Former Managing Director and CEO, APA Group The world and business markets have altered and there is no doubt that we are entering the dawn of a new era. We are on the precipice of a considerable amount of senior leadership change, as what will be demanded now will differ to what already exists. The appointments of Board Directors and Executive team members are under enormous scrutiny and getting it wrong becomes a very expensive proposition. If you are interested in pursuing the same process, achieving the same results, there are search firms who do it well. As for us, we welcome businesses that seek creativity, imagination, and a bespoke approach to the task at hand, as well as pragmatic and straightforward engagement. If you would like to understand how Blenheim Partners can assist your organisation, please contact the appropriate members of our team, or myself. Yours sincerely, Gregory W. Robinson Managing Partner

FINANCIAL SERVICES Afterpay Ltd: Interim Chair, Elana Rubin has been formally appointed as Independent Chair. Elana has advised that she intends to retire from the ME Bank Board effective June 2020. Sharon Rothstein has been appointed as a Non-Executive Director. Cliff Rosenberg has tendered his resignation as a Non-Executive Director. ASX Ltd: Chief Compliance Officer, Kevin Lewis will step down effective July 2020. Kevin will be succeeded by Deputy General Counsel Janine Ryan. Kevin will remain with the ASX in the newly created role of ASX Special Counsel, Regulatory Policy before retiring in mid-2022. Cash Converters International Ltd: Leslie Crockett has been appointed as Chief Financial Officer. Centrepoint Alliance Ltd: Brendon Glass has been appointed Chief Financial Officer effective 9 June 2020. EML Payments Ltd: George Gresham has been appointed as Independent Non-Executive Director. Chief Commercial Officer, Brandon Thompson has tendered his resignation effective 5 June 2020. The role will not be replaced, and the functions will be reallocated. McMillan Shakespeare Ltd: Kathy Parsons has been appointed as an Independent Non- Executive Director. National Australia Bank Ltd: Justin Greiner bas been promoted to run the company’s combined wealth management, financial advice (JBWere), private bank and online trading platform businesses. Nib Holdings Ltd: David Gordon has been appointed as an Independent Non-Executive Director. As part of Board renewal, Christine McLoughlin will be retiring from the Board later this year. OFX Ltd: Lisa Frazier stepped down from the Board as a result of increased demands related to her United States based commitments. A search is underway. Perpetual Ltd: Amanda Gazal has been appointed Chief Operating Officer. Pioneer Credit Ltd: Jason Musca has been appointed as Chief Financial Officer. Splitit Payments Ltd: Ben Malone has been appointed Chief Financial Officer. Suncorp Group Ltd: Recently appointed Chief Executive Banking and Wealth Management, Lee Hatton will be leaving the organisation at the end of May 2020. Lee has accepted a role at Afterpay Ltd. Lee will be replaced on an acting basis by Executive General Manager of Deposits and Payments, Bruce Rush until the appointment of a permanent replacement. Tower Insurance Ltd: Blair Turnbull has been appointed Chief Executive Officer effective 1 August 2020.

Virgin Money UK Plc: Deputy Chairman, David Bennett has been appointed Chairman. Tim Wade will become interim Senior Independent Director. Westpac Banking Group Ltd: Chief Executive, Westpac Institutional Bank, Lyn Cobley is retiring from the Bank. Group Treasurer, Curt Zuber will act in the role whilst an international search is undertaken. David Lindberg, Chief Executive, Consumer and Craig Bright, Chief Information Officer are leaving Westpac to take up roles overseas. Les Vance has been appointed to a new role as Group Executive, Financial Crime, Compliance and Conduct. INDUSTRIALS/MANUFACTURING AJ Lucas Group Ltd: Brett Tredinnick has been promoted to Group Chief Executive Officer. Austen Perrin will retire from his role as Group Chief Financial Officer effective 31 August 2020. Austen will continue as a Non-Executive Director. David Ekster will assume the role of Group Chief Financial Officer. Francis Egan has also agreed to join the Board. Ampol Ltd (formerly known as Caltex Australia Ltd): Michael Ihlein and Gary Smith will join the Board as Independent Non-Executive Directors. Bruce Morgan has retired as a Director of the company. APA Group Ltd: Rhoda Phillippo has been appointed as an Independent Non-Executive Director. Atlas Arteria Ltd: Caroline Foulger has been appointed as an Independent Non-Executive Director. James Keyes has retired from the Board. Brambles Ltd: Nora Scheinkestel has been appointed as a Non-Executive Director. Decmil Group Ltd: Executive Director, Dickie Dique has been appointed Chief Executive Officer replacing Scott Criddle who will remain with the company as Executive Director. Fleetwood Corporation Ltd: Martin Monro has been appointed as an Independent Non- Executive Director. Jason Kunkler has been appointed Chief Operating Officer of Fleetwoods Building Solutions division replacing Jarrod Waring. James Hardie Industries Plc: Nigel Stein and Harold Wiens have been appointed Independent Non-Executive Directors. Brian Anderson will retire as a Director effective 7 August 2020. Nufarm Ltd: Anne Brennan has advised she will not re-stand for re-election at this year’s 2020 Annual General Meeting effective 3 December. Reece Group Ltd: Gavin Street will move into the role of Chief Executive Officer, Australia and New Zealand and Andrew Cowlishaw has been appointed Group Chief Financial Officer, both effective 1 July 2020. Spark Infrastructure Ltd: Anne Brennan has been appointed as a Non-Executive Director.

MEDIA/ENTERTAINMENT Enero Group Ltd: Brent Scrimshaw has been appointed as Executive Director and Chief Executive Officer, effective 1 July 2020. MINING Atrum Coal Ltd: Andrew Caruso has been appointed Chief Executive Officer. Aurelia Metals Ltd: Ian Poole has been appointed as Chief Financial Officer, replacing Tim Churcher effective 1 July 2020. Bellevue Gold Ltd: Fiona Robertson and Shannon Coates have been appointed as Non- Executive Directors. BHP Ltd: Dion Weisler and Xiaoqun Clever have been appointed as Independent Non- Executive Directors. Xiaoqun’s appointment is effective 1 October 2020. Edgar Basto has been promoted to President, Minerals Australia effective 1 July 2020. Blackham Resources Ltd: Sara Kelly has been appointed as an Independent Non-Executive Director. Comet Ridge Ltd: Chief Financial Officer, Peter Harding-Smith will be leaving the Company. The Board has decided that the CFO role is more cost effectively filled on a part-time rather than full time basis. Coronado Global Resources Inc: Ayten Saridas has resigned as Group Chief Financial Officer. Sir Michael Davis has been nominated for election as a Non-Executive Director at Coronado’s Annual General Meeting to be held on 25 June 2020. De Grey Mining Ltd: Glenn Jardine has commenced as Managing Director. New Hope Coal Ltd: Chief Executive Officer and Managing Director, Shane Stephan to retire on 31 August 2020. Saracen Mineral Holdings Ltd: Sally Langer has been appointed as an Independent Non- Executive Director. Stanmore Coal Ltd: Dwi Suseno, Mark Trevan, Richard Majlinder and Mary Carroll have been appointed Non-Executive Directors. Stewart Butel, Neal O’Connor and Stephen Bizzell have resigned as Directors. Syrah Resources Ltd: John Beevers has been appointed as an Independent Non-Executive Director. Sam Riggal has retired as a Director due to the greater time required in his role as Chief Executive Officer of CleanTeQ.

PHARMACEUTICALS/HEALTH CARE AusCann Group Holdings Ltd: Chief Executive Officer, Ido Kanyon has resigned. A search has commenced. Capitol Health Ltd: Andrew Harrison has resigned as a Non-Executive Director. MedAdvisor Ltd: Chief Technology Officer, Victor Kovalev is returning to the United States effective June. Craig Schnuriger has been appointed interim Chief Technology Officer. Simon Chamberlain has also left the company. Medical Developments International Ltd: Christine Emmanuel has been appointed as a Non- Executive Director. Neuren Pharmaceuticals Ltd: Chief Financial Officer, Jon Pilcher has been promoted to Chief Executive Officer. Also, Patrick Davies has been appointed Chairman following Richard Treagus’ decision to stand down as Executive Chairman. PolyNovo Ltd: Christine Emmanuel has been appointed as Non-Executive Director. PROPERTY ALE Property Group Ltd: Guy Ferrands will join as a Consultant. It is intended that Guy will then be appointed as Chief Executive Officer replacing Andrew Wilkinson whom will be stepping down during the first quarter of FY2021. Aventus Group Ltd: Brett Blundy has resigned as a Non-Executive Director. The company has entered into an agreement for Brett to provide advisory services to Aventus Group. Consequently, Nico Van der Merwe also resigns as the Alternate Director of Brett. Goodman Group Ltd: Mark Johnson has been appointed as an Independent Director. GPT Group Ltd: Robert Whitfield has been appointed as a Non-Executive Director. It is intended that Gene Tilbrook will retire as a Director at the end of this calendar year. Simonds Group Ltd: Scott Mahony has resigned from the Board. Viva Energy REIT: Jevan Bouzo and Lachlan Pfeiffer will resign as Directors of Viva Energy REIT, effective at the conclusion of the 2020 Annual General Meeting.

RETAIL/CONSUMER Accent Group Ltd: Brett Blundy has resigned as a Non-Executive Director. The company has entered into an agreement for Brett to provide advisory services to Accent Group. Ardent Leisure Group Ltd: Toni Korsanos will step down from the Board effective 30 June 2020. Bapcor Ltd: Noel Meehan has been appointed Chief Financial Officer and Company Secretary effective 1 July 2020. Bega Cheese Ltd: Director, Jeff Odgers has resigned effective 30 June 2020. The resignation creates a vacancy on the Board for a supplier director and the company will commence a search. Brisbane Broncos Ltd: Vicki Wilson OAM has been appointed as Non-Executive Director. Coca-Cola Amatil Ltd: Greg Barnes has been appointed as Group Chief Financial Officer. Costa Group Ltd: Harry Debney has indicated he plans to retire as Chief Executive Officer in the next nine months. Freedom Foods Group Ltd: Jane Mckellar will join the Board as an Independent Non- Executive Director. G8 Education Ltd: Director, Brian Bailison has retired after ten years with the company in accordance with G8’s Board succession plans. Peter Trimble has been appointed as a Non- Executive Director. Michael Hill International Ltd: Chief Financial Officer, Andrew Lowe has been appointed Acting Chief Executive Officer while Daniel Bracken takes a period of leave to aid his recovery from recent surgery. Murray River Organics Group Ltd: Paul McDonald has been appointed as a Non-Executive Director. Shaver Shop Group Ltd: Melanie Wilson has resigned from the Board. Shine Justice Ltd: Following a Board renewal process, Graham Bradley AM will join the Board initially as a Non-Executive Director and will assume the role of Chairman from 1 July 2020 replacing Tony Bellas and Greg Moynihan will retire as a Director effective 30 June 2020. Smiles Inclusive Ltd: Chief Financial Officer, Emma Corcoran has resigned. A search will commence. Tassal Group Ltd: James Fazzino has been appointed as a Non-Executive Director. Think Childcare Group Ltd: James Spenceley has been appointed as a Non-Executive Director.

TECHNOLOGY/TELECOMMUNICATIONS Citadel Group Ltd: Anne Templeman-Jones has stepped down as a Director effective immediately. The Board expects to make an announcement regarding a further appointment to the Board. Kogan.com Ltd: Michael Hirschowitz has resigned as an Independent Non-Executive Director. The Board is commencing a search. Life360, Inc: Russell Burke has been appointed as Chief Financial Officer. Megaport Ltd: Sean Cassidy has been appointed as Chief Financial Officer effective 15 July 2020. MGM Wireless Ltd: Martin Pretty and Brandon Gien have been appointed Non-Executive Directors. RPMGlobal Holdings Ltd: Chairman, Allan Brackin has decided to resign effective end of this Financial Year 2020. A search has commenced. Wisetech Global Ltd: Arlene Tansey has been appointed as a Non-Executive Director. Wisetech will be searching for an additional Director into FY21. TRANSPORTATION Air New Zealand Ltd: The company is reducing the size of its Executive team to adopt to impacts of Covid-19. As a consequence, Chief Strategy Networks and Alliances Officer, Nick Judd along with Chief Marketing and Customer Officer, Mike Tod have departed the airline. Also, Chief Air Operations and People Safety Officer, John Whittaker will depart effective 31 July. The portfolio’s will be absorbed by the remaining members of the Executive team.

To the Board and Executive Community, Executive Search Consultant for New Practices I wanted to let you know that, against the current thinking, we have made the decision that now is the time to invest, when others maybe in retreat battening down the hatches, and build on our success and establish new Practices. I am writing to you as I am seeking your advice in regards to our requirement to appoint an Executive Search Consultant for Blenheim Partners Executive Search & Board Advisory firm. Unlike most professions, Executive Search is an industry that most fall into by accident but quickly find it to be a rewarding and privileged profession. As a result of consistent growth, Blenheim Partners is seeking to appoint executives who have built a career in one or more of the below industries with a high level of customer engagement and delivery, particularly at the C-level. They may also be in an advisory capacity in a professional services organisation including management consultancy, law, engineering and accounting. I would welcome your thoughts on individuals you have crossed paths with during your career who have impressed you and may have the necessary attributes to lead an industry sector practice but most importantly want to be part of an exciting build in the establishment of Blenheim Partners as the no. 1 executive search firm in Australia. We are seeking: • A high calibre executive with circa 15 to 20 years of relevant experience gained from a career in the above sectors or related industries including professional advisory; • An executive with a track record of performance, growing sales revenues, business divisions, or businesses in the above sectors; • An executive with high intellect, strategic and commercial acumen with the ability to engage and partner with the C-level decision makers; • An executive with the advocacy and communication skills to play a key stakeholder/industry representative role; and, • An executive with a commitment to excellence, belief in team values and esprit de corps. The successful candidate will have the interpersonal and leadership qualities, commercial and technical acumen and the decisiveness to achieve the desired results. They will have high levels of emotional intelligence, excellent communication skills, the ability to engage and influence and be comfortable in an environment that is fast-paced and performance focused. They will be highly motivated, resilient and capable of performing in a company that adheres to the highest levels of integrity and team work. Importantly, they will possess a good sense of humour. Location: Sydney Thank you in advance for your thoughts and help. Yours sincerely, Gregory W. Robinson Managing Partner

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.