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

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA FEBRUARY 2020

“Blenheim Partners delivered beyond our expectations and showed us what true search can provide. They get to the heart of the matter, they are prepared to give us advice and not sit on the fence, something which is very refreshing. I have used the big 5 search firms over the years and have been told their international coverage will ensure international candidates. It is a fallacy, my experience has been they don’t. Their international colleagues are not incentivised to help the local firm. Blenheim Partners were clear about their model and their international capability. I met more A grade international candidates in my first engagement with Blenheim Partners than I had in five years with the others. Blenheim delivered an exceptional outcome.” CEO, ASX 50 Company •

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

COMMERCIAL SERVICES Shine Corporate Ltd: Teresa Dyson and David Bayes will join the Board as Non-Executive Directors effective immediately. Graham Bradley AM will also join the Board as a Non-Executive Director on 1 July 2020. Carolyn Barker AM has retired from the Board. The company is seeking shareholder approval for a change of company name to Shine Justice Ltd. ENERGY Horizon Oil Ltd: Michael Sheridan’s employment as Chief Executive Officer has been terminated. Chris Hodge has been appointed as Chief Executive Officer and Managing Director. Paladin Energy Ltd: Ian Purdy has been appointed as Chief Executive Officer effective immediately replacing Scott Sullivan, who will remain with the company til July 2020 to assist with the transition. FINANCIAL SERVICES Afterpay Ltd: Pat O’Sullivan will be joining the Board as an Independent Non-Executive Director effective March 2020. Cassandra Williams has been appointed Chief Enterprise Risk Officer, Katrina Konstas has been appointed ANZ Sales Director, Scott Polchleb has been appointed Vice President Product Design and Laura Nadler has been appointed US Head of Finance. Geoff Seeley has been appointed as Afterpay’s first Global Chief Marketing Officer. AMP Ltd: Mike Wilkins AO will retire from the Board, and Michael Sammells has been appointed as a Non-Executive Director effective immediately. James Georgeson has been appointed as Chief Financial Officer effective immediately. Mr Georgeson was appointed AMP’s Acting Chief Financial Officer in August 2019. Jenny Fagg has decided to step down as Group Chief Risk Officer and will be replaced by Phil Pakes, currently AMP Chief Audit Executive effective 3 April 2020. Australian Ethical Investment Ltd: John McMurdo has been appointed as Chief Executive Officer and Managing Director effective immediately. Acting Chief Executive Officer, Steve Gibbs will resume his position as Chair. Bell Financial Group Ltd: Christine Feldmanis has joined the Board as a Non-Executive Director. Cash Converters International Ltd: Brendan White has resigned as Chief Executive Officer. Sam Budiselik has been appointed as Chief Executive Officer effective immediately. EQT Holdings Ltd: Catherine Robson has been appointed as a Non-Executive Director. Evans Dixon Ltd: Kevin McCann AO has been appointed as an Independent Non-Executive Director effective immediately. Genworth Mortgage Insurance Australia Ltd: Gayle Tollifson is retiring as a Member of the Board effective 15 March 2020. Andrea Waters has been appointed as an Independent Non-Executive Director effective 16 March 2020. Heartland Group Ltd: Andrew Dixson has been appointed as Chief Financial Officer and Michael Drumm has been appointed General Counsel and Head of Group Risk.

Insurance Australia Group Ltd: Julie Batch has been promoted to Chief Strategy and Innovation Officer. In addition, Group Executive Technology, Neil Morgan will lead an expanded Technology and Digital division both appointments effective immediately. IOOF Ltd: Jane Harvey has retired as a Director. Moelis Australia Ltd: Andrew Pridham has been appointed Moelis Australia Group Vice Chairman effective 2 March 2020 and Julian Biggins and Chris Wyke appointed Joint Chief Executive Officers of Moelis Australia. MyState Ltd: After acting as Chief Financial Officer since October 2019, Gary Dickson has been appointed permanently as Chief Financial Officer effective immediately. NSX Ltd: Thomas Price has been appointed Chairman. Ted Pretty has been appointed as a Director. Tod McGrouther has been appointed to the Board. Tim Hart has also been appointed as a Non-Executive Director to the NSX Board following iSignthis investment in NSX. Resimac Group Ltd: Chum Darvall will step down as Chairman and as a Director. Warren McLeland will be appointed as Chairman whilst a search is undertaken. Wayne Spanner will join the Board as an Independent Non-Executive Director effective immediately. Smartgroup Corporation Ltd: Tim Looi has been appointed as Managing Director and Chief Executive Officer to succeed Deven Billimoria effective immediately. Nigel Underwood has been appointed Chief Financial Officer effective 6 April 2020. Deputy Chief Financial Officer, Anthony Dijanosic will act as Chief Financial Officer. Also, Tony Forward has been appointed permanently to the role of Chief Information Officer after acting in the role since October 2019. Virgin Money UK Ltd: In line with its Board succession plan, Adrian Grace and Teresa Robson-Capps will step down from the Board. INDUSTRIALS/MANUFACTURING AMA Group Ltd: Brian Austin has decided to step down as a Non-Executive Director effective immediately. Aurizon Ltd: Pam Bains has been appointed to the position of Group Executive Network, effective 9 March 2020. Head of Strategy and Corporate Development, George Lippiatt will act in the role of Chief Financial Officer and Group Executive Strategy whilst a search is undertaken. Boral Ltd: Mike Kane will retire as Chief Executive Officer after Boral’s FY2020 full year results. Due to a reorganisation of the Windows business in the United States, Joel Charlton is now responsible for the Light Building Products and for leading the Windows business. David Decker will move into a Business Development role for the Windows business. Chris Warner will take direct leadership for Windows Operations. In addition, a search for a new Chief Financial Officer of Boral North America is underway. Cimic Group Ltd: Juan Santamaria has been promoted to Chief Executive Officer and Managing Director effective immediately replacing Michael Wright who has accepted a new leadership role within the Group, which will be announced in the near future.

GUD Holdings Ltd: Jennifer Douglas has been appointed as a Non-Executive Director, effective immediately. James Hardie Industries Plc: Jason Miele has been appointed as Senior Vice President and Chief Financial Officer, effective immediately. Johns Lyng Group Ltd: Peter Dixon has been appointed to the Board as an Independent Non- Executive Director. NRW Holdings Ltd: Fiona Murdoch will join the Board as a Director effective immediately. Ridley Corporation Ltd: Sid Jain has been appointed to the newly created role of Chief Executive Officer, Novacq effective 1 April 2020. Swick Mining Services Ltd: David Nixon has retired as a Non-Executive Director. Worley Ltd: Andrew Liveris AO has been appointed as Deputy Chairman. Martin Parkinson has been appointed as an Independent Non-Executive Director effective immediately. Chris Ashton has become Chief Executive Officer and Managing Director effective 24 February 2020 following the retirement of Andrew Wood. MEDIA Prime Media Group Ltd: Robbie Sefton has resigned as a Non-Executive Director. oOh!Media Ltd: Debbie Goodin has retired from the Board Sealink Travel Group Ltd: Andrew McEvoy has resigned as Chairman effective 30 June 2020 to take up a full-time executive role overseas. The Board is commencing a search. Tabcorp Holdings Ltd: Ziggy Switkowski AO has retired from the Board. Managing Director of Gaming Services, Frank Makryllos has stood down. MINING Stanmore Coal Ltd: Darren Yeates has resigned as a Non-Executive Director. Bellevue Gold Ltd: Luke Gleeson has been appointed as Head of Corporate Development. Fortescue Metals Group Ltd: Sharon Warburton has resigned as a Non-Executive Director effective 31 March 2020. Iluka Ltd: Jenny Seabrook will step down from the Board of Iluka at the Annual General Meeting on 9 April 2020. In addition, as part of a review, Iluka intends to demerge its Mining Area C royalty business, subject to shareholder and other approvals into a separately listed company called RoyaltyCo. The Chair of RoyaltyCo will be Jenny Seabrook. The Chief Executive Officer of RoyaltyCo will be Julian Andrews. Maca Ltd: Chirs Tuckwell has resigned as Managing Director after 11 years of service. Mike Sutton will join as Chief Executive Officer effective immediately. Chris Sutherland will join the Board as an Independent Non-Executive Director.

Rio Tinto Ltd: Hinda Gharbi, Jennifer Nason and Ngaire Woods will join the Board effective 1 September 2020. PHARMACEUTICALS/HEALTH CARE Fisher & Paykel Healthcare Corporation Ltd: Toni Moyes has been selected to participate in the Future Directors programme. The programme aims to give executives exposure to a company Board for 12-18 months. Ramsay Healthcare Ltd: Karen Penrose has been appointed to the Board as a Non-Executive Director effective immediately. Starpharma Ltd: David McIntyre appointed as Non-Executive Director effective immediately. Telix Pharmaceuticals Ltd: Ms Odile Jaume will be stepping down as Teliux European President. Mr Ludo Wouters, Vice President of Corporate Development for Telix Europe will serve as Interim President whilst the Company undertakes a search. Christian Davis has been appointed to the position of Vice President, Sales and Marketing, EMEA, effective 1 April 2020. PROPERTY Cromwell Property Group Ltd: Geoffrey Levy is retiring as Chair effective immediately. Deputy Chair Leon Blitz will step into the role of Chair and Andrew Fay will become Deputy Chair. Goodman Group Ltd: Stephen Johns has been appointed as Chairman Elect and will succeed Ian Ferrier AM as Chairman at the 2020 Annual General Meeting in November. Ingenia Communities Group Ltd: Andrew McEvoy has resigned as a Director effective 30 June 2020 to take up a full-time executive role overseas. Lendlease Ltd: Robert Welanetz has been appointed as an Independent Non-Executive Director effective immediately. Mirvac Ltd: William Payne has been appointed to the newly created position of Chief Digital Officer. Scentre Group Ltd: Aliza Knox has informed the Board that she will not stand for re-election at the Group’s Annual General Meeting on 8 April 2020. Stockland Corporation Ltd: Chief Innovation, Marketing and Technology Officer, Robyn Elliott has resigned effective end of February. Sharmila Tsourdalakis has been appointed Chief Innovation, Marketing and Technology Officer effective 27 April 2020. Vicinity Centres Ltd: Director, Ms Wai Tang has passed away after a short illness. RETAIL/CONSUMER A.P. Eagers Ltd: Michelle Prater has been appointed as a Non-Executive Director. BWX Ltd: Efee Peell has been appointed as Group Chief Financial Officer effective 23 March 2020. Efee replaces Vinod Somani whom has resigned to pursue other opportunities.

Caltex Australia Ltd: Julian Segal to step down as Chief Executive Officer effective 2 March 2020. Matthew Halliday has been appointed interim Chief Executive Officer. Louise Warner has been appointed Interim Chief Operating Officer, and current Deputy Chief Financial Officer Jeff Etherington has been appointed Interim Chief Financial Officer. Domino’s Pizza Enterprises Ltd: Doreen Huber has been appointed as a Non-Executive Director. Chief Executive of Europe, Andrew Rennie has announced he is retiring from the business effective 28 June 2020. Chief Operating Officer of Europe, Andre ten Wolde will assume the Chief Executive Officer role at that time. Elders Ltd: Matthew Quinn has been appointed as a Non-Executive Director. JB HI-FI Ltd: Greg Richards will retire as Chairman on 30 June 2020. Stephen Goddard has been appointed as Chairman. The a2 Milk Company Ltd: Susan Massasso has been appointed to the newly created role of Chief Growth and Brand Officer. TECHNOLOGY/TELECOMMUNICATIONS 3P Learning Ltd: Simon Yeandle has resigned as Chief Financial Officer effective immediately. A search will now commence. ARQ Ltd: The Board has elected to reduce the number of Directors. Mr Simon Martin and Ms Naseema Sparks will retire from the Board following the completion of the sale of the Enterprise business on 2 March 2020. Gentrack Group Ltd: Ian Black will step down as Chief Executive Officer. John Clifford will assume the role of Executive Chairman until a new Chief Executive Officer is appointed. Nearmap Ltd: The company has hired Jeff Adams as Global Chief Revenue Officer, based in the United States. Redbubble Ltd: Martin Hosking has been appointed Interim Chief Executive Officer. Mr Hosking was the former Chief Executive Officer, founder and largest shareholder. Mr Hoskings appointment follows Barry Newstead’s termination as Chief Executive Officer. Speedcast International Ltd: PJ Beylier has resigned as Chief Executive Officer effective immediately. The Board Directors, Peter Shaper and Joe Spytek have been appointed as Co-Chief Executive Officers in the interim. Telstra Corporation Ltd: Elana Rubin has been appointed to the Board as a Non-Executive Director.

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

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

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

WHAT DO CLIENT REFERENCES SAY? At the end of the day, the test of what an Executive Search Firm tells you in their pitch for your work versus the reality of what they are doing is by client references. Ask for and take the time to speak to a number of the Executive Search Firm’s clients, and test their performance against all of the above criteria with the client references they provide. Ultimately, by following the above you will be far more confident in the Executive Search Firm you select being able to deliver to you and your organisation the very best candidates in the market for the role you are seeking for your organisation.

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

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