State of the Market - Board and Executive Movements August 2018

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA AUGUST 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.

CONSUMERInvoCare Ltd: Richard Fisher has resigned as Chairman effective 30 September 2018, Bart Vogel hasbeen appointed Chairman effective 30 September 2018, Keith Skinner has been appointed Non-Executive Director effective 1 September 2018.ENERGYAGL Energy Ltd: Andy Vesey has resigned as Managing Director and Chief Executive Officer, currentChief Financial Officer Brett Redman has been appointed interim Chief Executive Officer effective 24August 2018, Damien Nicks has been appointed interim Chief Financial Officer.Beach Energy Ltd: Jim McKerlie has resigned as Non-Executive Director, effective 23 November2018.Carnarvon Petroleum Ltd: Gavin Ryan has been appointed Non-Executive Director.FAR Ltd: Ben Clube has resigned as Executive Director.Genesis Energy Ltd: Jenny Shipley will retire as Chair effective October 2018, Barbara Chapman hasbeen appointed Chair. Mark Cross has resigned as Director, effective immediately.Karoon Gas Australia Ltd: Peter Turnbull has been appointed Interim Chairman, effective 15 August2018.Meridian Energy Ltd: Steve Reindler has resigned as Director, effective immediately.Spark Infrastructure Ltd: David Thompson has been appointed General Manager Strategy andBusiness Development effective 1 September 2018, Ben Bolot has resigned as Chief InvestmentOfficer effective 31 August 2018.Tap Oil Ltd: Chris Newton has been appointed Non-Executive Director, effective immediately.Z Energy Ltd: Blair O’Keeffe has been appointed Non-Executive Director, effective 8 August 2018.FINANCIAL SERVICESAurora Funds Management Ltd: Adrian Martin has resigned as Chief Financial Officer and CompanySecretary, effective 30 August 2018.Bendigo and Adelaide Bank Ltd: Richard Fennell has been appointed Executive, Consumer Banking,Bruce Speirs has been appointed Executive, Business Banking, Robert Musgrove has been appointedExecutive, Corporate and public Affairs, Andrew Traits has been appointed Executive, Customer andPartner Engagement, Louise Tebbutt has been appointed Chief People Officer effective October2018, and Travis Crouch has been appointed Chief Financial Officer.Centrepoint Alliance Ltd: John Cowan has resigned as Chief Financial Officer, effective November2018.EML Payments Ltd: Kristen Shaw has been appointed Chief People Officer, and Jamison Jaworski hasbeen appointed President EML North America.

FlexiGroup Ltd: Symon Brewis-Weston has resigned as Chief Executive Officer effective 3 September2018, Rebecca James has been appointed Chief Executive Officer effective 15 October 2018, RossAucutt has been appointed interim Chief Executive Officer, Christine Christian has been appointedDeputy Chair.Genworth Mortgage Insurance Australia Ltd: Leon Roday and Anthony Gill have resigned as Non-Executive Directors effective 31 August 2018, Duncan West and Christine Patton have beenappointed Non-Executive Directors effective 1 September 2018.Homeloans Ltd: Robert Scott has resigned as Chairman, effective 26 November 2018.Janus Henderson Group Plc: Andrew Formica has resigned as Director and Co-Chief Executive Officereffective 1 August 2018, Richard Weil has been appointed the Company’s sole Chief ExecutiveOfficer.Macquarie Group Ltd: Philip Coffey has been appointed Non-Executive Director, and incomingGroup Chief Executive Officer Shemara Wikramanayake has been appointed Executive VotingDirector, both appointments are effective immediately.Mainstream Group Holdings Ltd: Co-founder and Executive Chairman Byram Johnston will transitionto Non-Executive Chairman, effective 1 October 2018.Money3 Corporation Ltd: Kang Tan and Leah Nicholson have retired as Non-Executive Directors. SivaSubramani has been appointed Chief Financial Officer, effective 23 August 2018.National Australia Bank Ltd: Anthony Cahill has resigned as Chief Operating Officer effective 14September 2018, Rachel Slade has been appointed Acting Group Executive Customer Products andServices.OFX Group Ltd: Melinda Conrad will retire as Non-Executive Director, effective 28 September 2018.Westpac Banking Group Ltd: Dave Curran will retire from Group Chief Information Officer effectiveend of January 2019, Craig Bright has been appointed Group Chief Information Officer.INDUSTRIALS/MANUFACTURINGAcrow Formwork and Construction Services Ltd: Margaret Prokop has been appointed Non-Executive Director, effective 31 August 2018.Arowana International Ltd: Anthony Kinnear has resigned as Non-Executive Director, effective 17August 2018.Cardno Ltd: Ian Ball has been appointed Chief Executive Officer and Managing Director, effective 9August 2018.Fletcher Building Ltd: Martin Brydon has been appointed Non-Executive Director, effective 1September 2018.James Hardie Industries Plc: Steven Simms has resigned as Non-Executive Director, effective 23August 2018.

Pact Group Holdings Ltd: Carmen Chua has been appointed Non-Executive Director, effective 1September 2018.RCR Tomlinson Ltd: Paul Dalgleish has resigned as Managing Director and Chief Executive Officer,Bruce James has been appointed interim Chief Executive Officer effective 7 August 2018.Reece Group Ltd: Bruce W.C. Wilson has retired as a Non-Executive Director effective 31 August2018, Ronald G. Pitcher has retired as a Non-Executive Director effective 25 October 2018, andAndrew Wilson has been appointed Non-Executive Director effective 1 September 2018.INSURANCEAMP Ltd: John Fraser has been appointed Non-Executive Director, effective September2018. Francesco De Ferrari as Chief Executive Officer, effective 1 December 2018.AUB Group Ltd: Mark Searles has announced he will step down from Chief Executive Officer andManaging Director, effective Mid October 2019.NIB Holdings Ltd: Philip Gardner has retired from Non-Executive Director, effective 31 August 2018.MEDIASpecial Broadcasting Service: Chief Financial Officer James Taylor has been appointed Interim ChiefExecutive Officer, effective October 2018.MININGBlackham Resources Ltd: Greg Miles has resigned as Non-Executive Director, Geoff Jones has beenappointed Non-Executive Director.Breaker Resources Ltd: Linton Putland has been appointed Non-Executive Director.Evolution Mining Ltd: Naguib Sawiris and Sebastien de Montessus have resigned as Non-ExecutiveDirectors, effective immediately.Gold Road Resources Ltd: Ian Murray has resigned as Managing Director and Chief Executive Officereffective 17 September 2018, Duncan Gibbs has been appointed Managing Director and ChiefExecutive Officer effective 17 September 2018.Iluka Resources Ltd: Doug Warden has resigned as Chief Financial Officer and Head of Strategy andPlanning, Adele Stratton has been appointed Chief Financial Officer, Julian Andrews has beenappointed Head of Business Development and Group Rehabilitation.Kidman Resources Ltd: Frederick Kotzee has been appointed Chief Financial Officer, effective 13August 2018.Mineral Resources Ltd: Mark Wilson has been appointed Chief Financial Officer effective 27 August2018, Bruce Goulds will formally retire from Chief Financial Officer and Company Secretary 6December 2018.

Sihayo Gold Ltd: Malcolm Paterson has resigned as Chief Executive Officer and Managing Directoreffective 31 August 2018, Timothy Adams has been appointed interim Chief Executive Officer.Sipa Resources Ltd: Craig McGown has resigned as Chairman but will remain as Non-ExecutiveDirector, Tim Kennedy has been appointed Chairman effective immediately.Tiger Resources Ltd: Caroline Keats has been appointed Executive General Manger Legal andCommercial, effective 3 September 2018. Ian Kerr has resigned as Non-Executive Director.Zimplats Holdings Ltd: Meroonisha Kerber has been appointed Non-Executive Director, effective 1September 2018.PHARMACEUTICALS/HEALTH CARECochlear Ltd: Edward Byrne will retire as Non-Executive Director, effective 16 October 2018.PROPERTYGDI Property Group Ltd: Graham Kelly has resigned as Chair of the Board effective 15 November2018; Stephen Burns has been appointed a Director.Stockland Corporation Ltd: The company has made the decision to combine the retirement andresidential businesses, Current Group Executive and Chief Executive Officer Residential AndrewWhitson has been appointed Group Executive and Chief Executive Officer Stockland Communities,Stephen Bull has resigned as Group Executive and Chief Executive Officer Retirement Living, MichaelRosmarin has resigned as Chief Operating Officer, all changes are effective 10 September 2018.Vicinity Centres Ltd: Clive Appleton has been appointed Non-Executive Director, effective 1September 2018.Villa World Ltd: Lisa MacCallum has been appointed Non-Executive Director, effective 15 August2018.RETAIL/CONSUMERAdairs Ltd: Mark Ronan has resigned as Non-Executive Director, effective October 2018.AMA Group Ltd: Hugh Robertson has resigned as Non-Executive Director.Bapcor Ltd: Jennifer Macdonald has been appointed Non-Executive Director, effective 1 September2018.Breville Group Ltd: Martin Nicholas has been appointed Chief Financial Officer, effective 10September 2018. Peter Cowan has been appointed Non-Executive Director, effective 1 September2018.BWX Ltd: Ian Campbell has been appointed Chairman effective 1 September 2018, current ChairmanDenis Shelley will continue as Non-Executive Director.iSelect Ltd: Interim Chief Executive Officer Brodie Arnold has had his contract extended for up to 24months.

JB Hi-Fi Ltd: Cameron Trainor has been appointed Managing Director Group Merchandise.Lovisa Holdings Ltd: John Armstrong has been appointed Non-Executive Director, effective 25September 2018.Murray River Organics Group Ltd: Steven Si has resigned as Non-Executive Director, effective 10August 2018.SeaLink Travel Group Ltd: Jeffrey Ellison will retire from Managing Director and Chief ExecutiveOfficer, effective October 2019.Tassal Group Ltd: Mike Carroll has resigned as Non-Executive Director, effective 24 August 2018.The Reject Shop Ltd: Selina Lightfoot has been appointed Non-Executive Director, effective 23August 2018.Treasury Wine Estates Ltd: Michael Cheek will retire as Non-Executive Director, effective 18 October2018.Wesfarmers Ltd: Guy Russo has resigned as Chief Executive Officer of Wesfarmers’ DepartmentStores Division and Managing Director of Target effective 1 November 2018, Ian Bailey has beenappointed Chief Executive Officer of Wesfarmers’ Department Stores Division effective 1 November2018, Marina Joanou has been appointed Managing Director of Target effective immediately.Wesfarmers has announced a further three proposed Non-Executive Director appointments to theColes Board, Abi Cleland, Wendy Stops and Zlatko Todorcevski have been appointed Non-ExecutiveDirectors.TECHNOLOGY/TELECOMMUNICATIONSAmaysim Australia Ltd: Leanne Wolski has resigned as Chief Financial Officer, effective 26 October2018.Link Administrative Holdings Ltd: Suzanne Holden has resigned as Chief Executive Officer FundAdministration, effective immediately.LiveHire Ltd: Robbert Lammers has been appointed Head of Marketing, Jacqui Davy has beenappointed General Counsel and Data Privacy Officer, Denise Carson has resigned as Sales Director,and Patrick Galvin has resigned as Executive Director.National Broadband Network: Stephen Rue has been appointed Chief Executive Officer.NetComm Wireless Ltd: Jackie Korhonen has been appointed Non-Executive Director, effectiveimmediately.Objective Corporation Ltd: Darc Rasmussen has been appointed Non-Executive Director.Telstra Corporation Ltd: Niek Jan van Damme has been nominated as Non-Executive Director to jointhe Board 16 October 2018. Russell Higgins and Trae Vassallo will retire from the Board as Non-Executive Directors, effective 16 October 2018. Steve Vamos has resigned as Non-Executive Director,effective 16 October 2018.

The Citadel Group Ltd: Jenny Martin has been appointed Chief Financial Officer and Joint CompanySecretary effective 20 August 2018, Robert (Andrew) Burns has resigned as Chief Financial Officerand Joint Company Secretary effective 20 August 2018.Vocus Group Ltd: Bruce Akhurst and Matthew Hanning have been appointed Non-ExecutiveDirectors, effective 1 September 2018.WiseTech Global Ltd: Andrew Harrison has been appointed Independent Chair taking over fromCharles Gibbon who will remain a Non-Executive Director.TRANSPORTATIONAtlas Arteria Ltd: John Roberts has resigned as Non-Executive Director, effective 28 September2018.Qantas Airways Ltd: Tony Tyler has been appointed Non-Executive Director, effective October 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.