State of the Market - Board and Executive Movements November 2018

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA NOVEMBER 2018

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BACKGROUNDBlenheim 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 exceptionallyadviser 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 byOur consultants have worked with clients from all our Thought Leadership “The Challenges ofsectors and a broad range of geographies. They Attaining Growth”, Industry Papers and monthlyinclude over 80 of the ASX 100, 10% of the FTSE Market Intelligence reports.100, Private Equity, Multinational, Private Familyand Mutually Owned Companies. Our philosophy is to develop deep and committed relationships with a select number of clients andOur work includes assignments that are both local help them deliver a superior performance byand international in scope. optimising the composition of their Board and Executive team.Our team consists of senior SearchConsultants, Human Resource Directors, Our culture is built on pride, professionalism, esprit de corps and client service.

COMMERCIAL SERVICESBWX Ltd: Fiona Bennett and Jodie Leonard have been appointed as Non-Executive Directors,effective 1 December 2018.Navitas Ltd: Rod Jones has retired as a Non-Executive Director, effective immediately.Rubicor Group Ltd: Current Chairman and Chief Executive Officer David Hutchison has assumed therole Executive Chairman, current Executive Director and Chief Operating Officer Sharad Loomba hasbeen appointed Chief Executive Officer, Jay Adcock has resigned as Chief Financial Officer.Slater & Gordon Ltd: Scott Butterworth has been appointed Chief Financial Officer, effective 7November 2018.ENERGYAGL Energy Ltd: Belinda Hutchinson will retire as a Non-Executive Director, effective 12 December2018. Melissa Reynolds has resigned as Chief Customer Officer effective 30 November 2018, MarkEnzinger has been appointed Interim Chief Customer Officer.Carnegie Clean Energy Ltd: Mark Woodhall has retired as a Non-Executive Director, effective 30November 2018.Central Petroleum Ltd: Peter Moore and Sarah Ryan have resigned as Non-Executive Directors.Horizon Oil Ltd: John Humphrey has retired as Chairman effective 28 November 2018, Mike Hardinghas been appointed Chairman effective 28 November 2018.Stanmore Coal Ltd: Andrew Martin has resigned as a Non-Executive Director.FINANCIAL SERVICESBlue Sky Alternatives Access Fund Ltd: Paul Masi and Peter Wade have retired as Non-ExecutiveDirectors, Kym Evans and John Baillie have been appointed as Non-Executive Directors effective 29November 2018, Michael Cottier has been appointed Chairman effective 29 November 2018.Centrepoint Alliance Ltd: Andrea Slattery has been appointed as a Non-Executive Director, effective6 November 2018.Contango Asset Management Ltd: Patricia Toh has resigned as a Non-Executive Director.CYBG Plc: Debbie Crosbie has resigned as Group Chief Operating Officer and Executive Director, MsCrosbie will step down as an Executive Director effective immediately but will remain ChiefOperating Officer for a period of time, Fraser Ingram has been appointed Interim Group ChiefOperating Officer on Debbie’s departure.EML Payments Ltd: Bruce Stewart has resigned as Chief Financial Officer but will remain with thecompany in an advisory capacity until 28 February 2018, Robert Shore has been appointed ChiefFinancial Officer effective 14 November 2018.

EQT Holdings Ltd: Tim Hammon has been appointed as a Non-Executive Director, effective 1December 2018.Genworth Mortgage Insurance Australia Ltd: Michael Bencsik has been appointed Chief FinancialOfficer, effective early 2019.Goldfields Money Ltd: Jussi Nunes has been appointed Group Chief Financial Officer effective 10December 2018, Malcolm Cowell will continue as Chief Financial Officer of banking activities and willreport to Mr Nunes.HUB24 Ltd: Mark Goodrick has been appointed Chief Financial Officer effective December 2018,Matt Haes has resigned as Chief Financial Officer and Company Secretary.Macquarie Group Ltd: Jillian Broadbent has been appointed as a Non-Executive Director, effective 5November 2018. Martin Stanley has been appointed Group Head of MAM and will join the ExecutiveCommittee. Ben Brazil will step down as Group Head, CAF Principal Finance and from the ExecutiveCommittee and will become Chairman CAF Principal Finance, and will continue in that role until mid-2019. Florian Herold has been appointed Group Head, CAF Principal Finance. ShemaraWikramanayake has commenced as Managing Director and Chief Executive Officer replacingNicholas Moore.Mercantile Investment Company Ltd: Katrina Langley has been appointed as a Non-ExecutiveDirector, effective 6 November 2018.Money3 Corporation Ltd: Symon Brewis-Weston has been appointed as a Non-Executive Director,effective 27 November 2018.Pendal Group Ltd: Christopher Jones has been appointed as a Non-Executive Director.Westpac Banking Corporation Ltd: Peter Hawkins will retire as a Non-Executive Director, effective12 December 2018.INDUSTRIALS/MANUFACTURINGAurecon: William Cox has been appointed Chief Executive Officer, effective February 2019.Incitec Pivot Ltd: Bruce Brook has been appointed as a Non-Executive Director effective 3 December2018, Graham Smorgon will retire as a Non-Executive Director effective 20 December 2018.James Hardie Industries Plc: Anne Lloyd has been appointed as a Non-Executive Director, effective 4November 2018. Rada Rodriguez has been appointed as a Non-Executive Director, effective 13November 2018.LogiCamms Ltd: Chris O’Neill has been appointed Chief Executive Officer, effective 26 November2018.Pro-Pac Packaging Ltd: Grant Harrod has resigned as Chief Executive Officer but will remain with thecompany until a replacement is appointed.

RCR Tomlinson Ltd: Andrew Phipps has resigned as Chief Financial Officer, effective 7 November2018.Sims Metal Management Ltd: Hiroyuki Kato has been appointed as a Non-Executive Directorreplacing Tamotsu Sato, effective 8 November 2018.INSURANCEFreedom Insurance Group Ltd: Pauline Vamos has been appointed Chair effective 15 November2018, Katrina Glendinning has resigned as a Non-Executive Director effective 12 November 2018,and David Hancock has resigned as Chairman effective 15 November 2018. Craig Orton has resignedas Chief Executive Officer and will leave the company before the end of 2018, Sean Williamson hasbeen appointed Chief Executive Officer effective from Mr Oroton’s departure date.MEDIAAdcorp Australia Ltd: David Morrison has been appointed Chief Executive Officer and ManagingDirector succeeding Alex Parsons, effective 7 November 2018.Carsales.com Ltd: Pat O’Sullivan has been appointed Chairman, Richard Collins will retire as DeputyChairman effective 4 January 2019.HT&E Ltd: Roger Amos has been appointed as a Non-Executive Director, effective 30 November2018.REA Group Ltd: Tracey Fellows has been appointed President, Global Digital Real Estate, News Corpand will step down as Chief Executive Officer effective January 2019, Tracey will remain on the Boardon behalf of News Corp.Village Roadshow Ltd: David Evans has retired as a Non-Executive Director.MININGAlumina Ltd: Chris Thiris will retire as Chief Financial Officer effective 31 December 2018, GalinaKraeva has been appointed Interim Chief Financial Officer effective 31 December 2018.Ausdrill Ltd: Keith Gordon has been appointed as a Non-Executive Director, effective 1 November2018.BCI Minerals Ltd: Andy Haslam and Martin Bryant have resigned as Non-Executive Directors,effective 30 November 2018.Chalice Gold Mines Ltd: Chief Executive Officer Alex Dorsch has also been appointed ManagingDirector, effective 13 November 2018.Chesser Resources Ltd: Michael Brown has been appointed Chief Executive Officer and ManagingDirector effective 5 November 2018, Simon McDonald has stepped down as Chief Executive Officer.

CuDeco Ltd: Stephen Yip has been appointed as a Non-Executive Director, Benjamin Zhai hasresigned as a Non-Executive Director but will continue with the company as an Alternative Directorto Mr Yip.Hastings Technology Metal Ltd: Guy Robertson has retired as a Non-Executive Director and JointCompany Secretary, Neil Hackett has been appointed as a Non-Executive Director and CompanySecretary, Andrew Reid has been appointed Chief Operating Officer.Metals X Ltd: Damien Marantelli has been appointed Managing Director and Chief Executive Officer,Warren Hallam has resigned as Managing Director and Allan King has resigned as Chief OperatingOfficer, all changes are effective 12 November 2018.Mincor Resources NL: Peter Muccilli will be stepping down as Managing Director and will besucceeded by David Southam, effective 1 February 2019.Rio Tinto Plc: Simon McKeon has been appointed as a Non-Executive Director, effective 1 January2019.Western Areas Ltd: David Southam has resigned as Executive Director, effective 31 January 2019.PHARMACEUTICALS/HEALTH CAREActinogen Medical Ltd: Jason Loveridge has retired as a Non-Executive Director, effective 28November 2018.Admedus Ltd: Matthew McDonnell has been appointed Interim Chief Financial Officer, effective 23November 2018.Bionomics Ltd: Non-Executive Chairman Errol De Souza has been appointed Executive Chairmaneffective 12 November 2018, Deborah Rathjen will retire as Managing Director effective 9 November2018 and will remain Chief Executive Officer until 31 January 2019.Cochlear Ltd: Abbas Hussain has been appointed as a Non-Executive Director, effective 1 December2018.Fisher & Paykel Healthcare Corporation Ltd: Neville Mitchell has been appointed as a Non-ExecutiveDirector, effective 12 November 2018.Ramsay Health Care Ltd: Alison Deans has been appointed as a Non-Executive Director.PROPERTYGDI Property Group Ltd: Graham Kelly has retired as Chairman, Gina Anderson has been appointedChairman.Mirvac Group Ltd: Jane Hewitt has been appointed as a Non-Executive Director effective 10December 2018, and Peter Nash has been appointed as a Non-Executive Director effective 19November 2018.

Scentre Group Ltd: Steven Lowy will retire as a Non-Executive Director, effective April 2019.Servcorp Ltd: Marcus Moufarrige has resigned as Chief Operating Officer, and Taine Moufarrige asan Executive Director, effective 31 December 2018.Stockland Corporation Ltd: Simon Shakesheff has resigned as Group Executive Strategy andStakeholder Relations.RETAIL/CONSUMERDomino’s Pizza Enterprises Ltd: Uschi Schreiber has been appointed as a Non-Executive Director.Fonterra Co-Operative Group Ltd: Lukas Paravicini has resigned as Chief Operating Officer Consumerand Foodservice, effective January 2019.iSelect Ltd: Geoff Stalley has been appointed as a Non-Executive Director, effective 1 December2018.Kresta Holdings Ltd: Sean Shwe has resigned as a Non-Executive Director. Xongjiu Xu has beenappointed as a Non-Executive Director.Michael Hill International Ltd: Joanne Matthews has been appointed as Chief People Officer,effective 14 January 2018.Myer Holdings Ltd: Chris Froggatt has retired as a Non-Executive Director, effective 30 November2018.Retail Food Group Ltd: Peter George has been appointed Executive Chairman, effectiveimmediately.Speciality Fashion Group Ltd: Tim Fawaz has resigned as Chief Financial Officer effective from theend of February 2019, Munraj Dhaliwal has been appointed Chief Financial Officer effective the endof February 2019.Tassal Group Ltd: Georgina Lynch and Jackie McArthur have been appointed Non-ExecutiveDirectors.The Reject Shop Ltd: Matthew Campbell and Jack Hanrahan have been appointed as Non-ExecutiveDirectors, Kevin Elkington will retire as a Non-Executive Director in early 2019.Webster Ltd: Ross Burling has been appointed as a Non-Executive Director effective 7 November2018, and John Joseph Robinson has resigned as a Non-Executive Director effective 7 November2018.Woolworths Group Ltd: Richard Dammery has resigned as Chief Legal Officer and CompanySecretary, effective late January 2019.

TECHNOLOGY/TELECOMMUNICATIONSAmaysim Australia Ltd: Maria Martin has retired as a Non-Executive Director effective 30 November2018, Craig Jackson has been appointed as a Non-Executive Director.ARQ Group Ltd: Chief Technology Officer Brent Fenton has been appointed Interim ManagingDirector of Small Medium Business whilst current Managing Director of Small Medium BusinessEmma Hunt is on 12 months parental leave, effective from late February 2019.Data Exchange Network Ltd: Simon Forth has been appointed Chief Operating Officer and JitenderBeniwal has been appointed Data Centre Operations Manager.DroneShield Ltd: Claire Newey has resigned as Chief Financial Officer, effective early 2019. CurrentVice President of Product Design Angus Bean has been promoted to Chief Technology Officer.Enero Group Ltd: Ian Rowden has been appointed as a Non-Executive Director, effective 21November 2018.Integrated Research Ltd: John Merakovsky has resigned as Chief Executive Officer and ManagingDirector but will remain with the company for the next three months.REFFIND Ltd: Eugene Loy and Declan Jarrett have been appointed as Non-Executive Directorseffective 19 November 2018, Nicholas Diamond and Robert Lees have resigned as Non-ExecutiveDirectors effective 19 November 2018.Sky Network Television Ltd: Martin Stewart has been appointed Chief Executive Officer effective 21February 2019 succeeding John Fellet.Superloop Ltd: Chief Executive Officer Drew Kelton has been appointed Managing Director effective23 November 2018, Matt Hollis and Louise Bolger have retired as Directors effective 23 November2018, Louise Bolger will continue in an executive capacity as Group General Counsel and CompanySecretary.Telstra Corporation Ltd: Robyn Denholm has resigned as Chief Financial Officer, effective 6 May2019.WiseTech Global Ltd: Christine Holman has been appointed as a Non-Executive Director, effective 1December 2018.

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

WHAT PROCESS DOES THE EXECUTIVE SEARCH FIRM UNDERTAKE IN THEIDENTIFICATION OF CANDIDATES?The role of the Executive Search Firm is to find you the absolute best candidates in themarket 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 youwill not get the best candidates. You will simply be conducting a recruitment process whichis generally reserved for lower level rather than Executive roles.In Executive Search you want the best candidates and that definitely needs to includepassive 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 theirprocess for identifying passive candidates and in your client reference checks specifically askclient references as to the quality and breadth of the identified potential candidates.WHO WILL BE THE LEAD PARTNER AND THE TEAM FOR YOUR EXECUTIVESEARCH AND HOW STRONG IS THEIR DESIRE AND COMMITMENT TO YOU THECLIENT?The Lead Partner or Lead Partners (if you are lucky enough) are critical to the success of theExecutive Search. You want to ensure that they are absolutely committed to yourassignment and have the desire to ‘leave no stone unturned’ in ensuring that you get thevery 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 thatthey are finding you the very best candidates for consideration in the market. You need totest this and ask yourself whether they can put up candidates for your consideration fromtheir other client companies who they have or are working for. This is where the term “OffLimits” comes in.This fact is very important to you because the larger the “Off Limits”, the less of the marketan Executive Search Firm is able to cover to access the best candidates. In simple terms, thismeans 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 SearchFirm cannot access the best candidates in the market, but only a subset, you are not gettingwhat 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 ARESEEKING AND THE NATURE OF THAT MARKET?This is fundamental, because if the Executive Search Firm and the Lead Partner in particulardoes not understand the role or the market, how can they undertake a search to find youthe very best candidates?IS YOUR EXECUTIVE SEARCH FIRM AND THE LEAD PARTNER ACTIVE IN THOUGHTLEADERSHIP IN THE MARKET?Thought leadership is the ability to be continually thinking and researching how the marketis changing, both in the broader sense and in the specific market in which your organisationoperates. The reason this is important is because you want your Lead Partner to be thinkingof the role you have today and what it might evolve into tomorrow. By knowing this, or atthe very least having some context of the potential changes, your Executive Search Firm andLead Partner can be pro-active in putting forward to you candidates for consideration thatare right for your business of today, and others who may be right for your business oftomorrow.IS THERE AN AT-RISK COMPONENT OF THE FEE THAT ENSURES THE EXECUTIVESEARCH FIRM HAS SKIN-IN-THE-GAME?There is nothing quite like an alignment between client and service provider needs, toensure in this case your Executive Search Firm is listening to your needs as the client andgoing the “extra mile” to deliver against them. While an at-risk or performance componentis not common in the Executive Search Industry you should take the opportunity to ask ifthere is such a component in the fee structure of the Executive Search Firms you areconsidering. If there is such a component, it can give you some comfort that you and yourchosen Executive Search Firm will be aligned in achieving the common objective of the verybest 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 ofclient satisfaction because if a client keeps coming back for additional services from theExecutive Search Firm you are considering, then you can be reasonably assured that thequality 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 foryour work versus the reality of what they are doing is by client references. Ask for and takethe time to speak to a number of the Executive Search Firm’s clients, and test theirperformance 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 SearchFirm you select being able to deliver to you and your organisation the very best candidatesin 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 SEARCHExecutive Search firms are professional services firms that undertake the process ofExecutive Search to find high quality executive candidates for their client companies. As aclient when you engage an Executive Search Firm you are working on the basis that they arefinding 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 areworking for other clients. That is can they put up candidates for your consideration fromtheir other client companies who they have or are working for. This is where the term “OffLimits” comes in. “Off Limits” is a convention in the Executive Search industry that in simpleterms means that an Executive Search firm who has been retained on a contingent basis bya 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 lastplacement of a candidate and never the actual candidate.WHY YOU NEED TO CAREThis 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 bestcandidates in the market.If you think this through, the consequence is significant, because if your Executive Searchfirm cannot access the best candidates in the market and only a subset, you are not gettingwhat you want or are paying for. So why would you engage them in the first place?BIG AND GLOBAL FIRMS VS BOUTIQUE FIRMSThinking through the above it becomes abundantly clear the bigger your Executive Searchfirm, and further, if it is global, the less of the candidate market you have access to as aclient. This may sound counterintuitive as you would normally think the bigger the firm andthe greater their global footprint the greater their ability to find you the best candidates inthe market. As can be seen from the above however this is not the case and the boutiquefirm will in most cases be better placed to provide you with the greater market coverageand 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 smootherdown the track in your dealings with Executive Search firms.