State of the Market - Board and Executive Movements April 2019

TOP KEY BOARD AND EXECUTIVE MOVEMENTS IN AUSTRALIA APRIL 2019

“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.

ENERGY AusNet Services Ltd: Nino Ficca will retire as Managing Director by the end of 2019 and will remain as Managing Director until his successor has commenced. Elk Petroleum Ltd: David Evans has been appointed Interim Chief Executive Officer, effective 1 April 2019. Freedom Oil and Gas Ltd: David Casey and Heath Sumrow have been appointed as Directors, Joseph Camuglia has retired from the Board effective 1 April 2019, Michael Yeager will retire as Chairman and Nigel Smith will retire as a Non-Executive Director. Chief Executive Officer and President Russell Porter will assume the additional role of Chairman. Horizon Oil Ltd: Chris Hodge has been appointed as a Non-Executive Director, effective 11 April 2019. Infratil Ltd: Catherine Savage has been appointed as a Non-Executive Director, effective 1 August 2019. Meridian Energy Ltd: Paul Chambers has resigned as Chief Financial Officer, effective 12 April 2019. Mike Roan has been appointed as Chief Financial Officer, effective immediately. Senex Energy Ltd: Vahid Farzad has been appointed as a Non-Executive Director. Windlab Ltd: John Cooper has retired as a Director. FINANCIAL SERVICES AMP Ltd: Debra Hazelton has been appointed as a Non-Executive Director effective 15 June 2019, Trevor Matthews has retired as a Non-Executive Director. Bank of Queensland Ltd: Kathleen Bailey-Lord and Patrick Allaway have been appointed as Non- Executive Directors, effective 1 May 2019. Eclipx Group: Garry McLennan will retire as Chief Financial Officer in six months. Evans Dixon Ltd: David Crawford has retired as a Non-Executive Director, Peter Anderson has been appointed as a Non-Executive Director. FlexiGroup Ltd: Elizabeth Minogue has been appointed as Chief Revenue Officer. IOOF Holdings Ltd: Allan Griffiths has been appointed Chairman effective immediately, Christopher Kelaher has resigned as Managing Director. Pacific Current Group Ltd: Jeremiah Chafkin has been appointed as a Non-Executive Director, effective 10 April 2019. Yellow Brick Road Holdings Ltd: Owen Williams has retired as a Non-Executive Director.

GAMING Ainsworth Game Technology Ltd: Lawrence Levy has been appointed as Chief Executive Officer, effective 1 July 2019. Ardent Leisure Group Ltd: Don Morris has resigned as a Non-Executive Director, effective 31 May 2019. Donaco International Ltd: David Green has been appointed as a Non-Executive Director. SKYCITY Entertainment Group Ltd: David Christian has been appointed as General Manager Adelaide Casino effective 8 April 2019, Luke Walker has resigned as General Manager Adelaide Casino effective 4 April 2019. INDUSTRIALS/MANUFACTURING Austin Engineering: David Singleton has been appointed as a Non-Executive Director, effective 15th of April 2019. GR Engineering Services Ltd: Joe Totaro has resigned as Chief Financial Officer and Company Secretary effective 16 April 2019 and will join the Board as a Non-Executive Director effective 1 July 2019, Omesh Motiwalla has been appointed as Chief Financial Officer and Company Secretary effective 16 April 2019. IPH Ltd: Jingmin Qian has been appointed as a Non-Executive Director. Pro-Pac Packaging Ltd: Jonathan Ling has been appointed as Chairman, Ahmed Fahour has stepped down as Chairman but will remain on the Board as a Non-Executive Director until 30 June 2019. Tim Welsh has been appointed Chief Executive Officer, effective 15 July 2019. Tempo Australia Ltd: Ian Widdecombe has resigned as a Non-Executive Director. Scott Macdonald has resigned as Chief Financial Officer. Ian Lynass has resigned as Chief Executive Officer and Managing Director, effective immediately. Chairman, Guido Belgiorno-Nettis, will take on the role as Executive Chairman until a replacement is engaged. INSURANCE Freedom Insurance Group Ltd: Doug Halley and James Green have been appointed as Non-Executive Directors, effective immediately. Stephen Menzies and Andrew Jensen have retired as Non- Executive Directors, effective immediately. MEDIA Nvoi Ltd: Jennifer Maritz, Chief Executive Officer and Michael Bermeister, Chief Financial Officer and Company Secretary, have resigned from their roles effective 29 April 2019. Andrew Bursill has been appointed as a Non-Executive Director, Chief Financial Officer and Company Secretary, effective 29 April 2019. John Winters has been appointed Interim Chief Executive Officer, effective 30 April 2019.

Prime Media Group Ltd: Robbie Sefton has been appointed as a Non-Executive Director, effective 8 April 2019. REA Group: Janelle Hopkins has been appointed Chief Financial Officer, effective 3rd June 2019. MINING Altura Mining Ltd: Zhao Tong has resigned as a Non-Executive Director of the company. Alumia Ltd: Grant Dempsey has been appointed Chief Financial Officer, effective 1 July 2019. Amani Gold Ltd: YU Qiuming has retired as Chairman but will remain as an Executive Director, Klaus Eckhof has been appointed as Chairman. Centrex Metals Ltd: Simon Slesarewich has been appointed as Chief Executive Officer. Champion Iron Ltd: David Cataford has been appointed Chief Executive Officer, Michael O’Keeffe will remain in his role as Executive Chairman. Coronado Global Resources Inc: William (Bill) Koeck has been appointed Chairman. Mr Koeck became Acting Chairman on 4 February 2019. CuDeco Ltd: Zhaohui Wu has resigned as a Non-Executive Director, Liangfu Lyu has been appointed as a Non-Executive Director. Galaxy Resources Ltd: Simon Hay has been appointed as Chief Executive Officer, effective 1 July 2019, Anthony Tse will transition from Chief Executive Officer to an Executive Director. Gascoyne Resources Ltd: Richard Hay has been appointed as Chief Executive Officer, effective 26 April 2019. Hillgrove Resources Ltd: Steve McClare will step down from his role as Managing Director and Chief Executive Officer, effective 2 May 2019. Lachlan Wallace, General Manager, Kanmantoo has been appointed Chief Executive Officer on an interim basis. Kasbah Resources Ltd: Russell Clark has resigned as Chief Executive Officer effective 1 April 2019, current Chief Operating Officer Evan Spencer has been appointed Chief Executive Officer effective 1 April 2019. Kidman Resources Ltd: David Southam has resigned as a Non-Executive Director, effective 30 April 2019. MZI Resources Ltd: Peter Nicholson and Chris Corbett have been nominated to act as Directors, Rod Baxter and Maree Arnason have resigned from the Board, the Board will also formally consider the appointment of Ronnie Beevor as Chairman. Rio Tinto Ltd: Joanne Farrell has resigned as Group Executive, Health, Safety and Environment and Managing Director, Australia, effective September 2019.

Panoramic Resources Ltd: Boyd Timler has been appointed as Chief Operating Officer. Saracen Mineral Holdings Ltd: Geoff Clifford has resigned as a Non-Executive Director, effective 4 April 2019. PHARMACEUTICALS/HEALTH CARE Actinogen Medical Ltd: Malcolm McComas has been appointed as a Non-Executive Director. Monash IVF Group: Michael Knaap has been appointed as Chief Executive Officer and Managing Director, effective 15 April 2019. Malik Jainudeen has been appointed as Chief Financial Officer and Company Secretary, effective 15 April 2019. PolyNovo: Kevin Whiteley has been appointed Vice President PolyNovo North America LLC, effective immediately. PROPERTY Goodman Group: Chris Green has been appointed as a Non-Executive Director, effective immediately. Propertylink Group Ltd: Andrew Fitzpatrick has resigned as an Executive Director, effective immediately. Vicinity Centres: Peter Hay will retire as Chairman, effective 14 August 2019. Mr Hay will be succeeded by Peter Kahan. Villa World Ltd: Donna Hardman has resigned as a Non-Executive Director, effective 30 April 2019. Viva Energy REIT Ltd: Scott Wyatt has resigned as a Non-Executive Director effective 14 May 2019, Jevan Bouzo will stand for election as a Director. RETAIL/CONSUMER Asaleo Care Ltd: Campbell Richards has been appointed as Chief Financial Officer, effective 29 April 2019. Automotive Holdings Group Ltd: Richard England has been appointed as Chairman, effective November 2019. Briscoe Group Ltd: Andrew Scott has been appointed as Chief Operating Officer, effective July 2019. Elixinol Global Ltd: Greg Ellery has been appointed as a Non-Executive Director, effective 12 April 2019. Funtastic: David Jackson has been appointed Chief Executive Officer, effective 2 May 2019. Graincorp Ltd: Mark Palmquist has resigned from the Board, effective 26 April 2019.

Inghams Group Ltd: Rob Gordon has been appointed as a Non-Executive Director, effective 11 April 2019. The Reject Shop Ltd: Matthew Campbell has resigned as a Non-Executive Director, effective 17 April 2019. Trade Me Group Ltd: Anders Skoe has been appointed Chief Executive Officer. The current Chief Executive Officer, Jon Macdonald will continue in the role until Mr Skoe arrives from Norway later in the year. TECHNOLOGY/TELECOMMUNICATIONS DigitalX Ltd: Stephen Roberts has been appointed as a Non-Executive Director, effective 3 April 2019. FirstWave Cloud Technology Ltd: Jason Singh has been appointed as Chief Financial Officer. Integrated Research: John Ruthven has been appointed Chief Executive Officer, commencing in early July 2019. IRESS Ltd: Phil Quin-Conroy has been appointed Managing Director of the United Kingdom business. Mr Quin-Conroy will commence his role on 17 June 2019. Rhipe Ltd: Inese Kingsmill and Olivier Dispas have been appointed as Non-Executive Directors, effective 15 April 2019. SEEK Ltd: Ian Narev has been appointed as Group Chief Operating Officer and Asia Pacific and Americas Chief Executive Officer effective 29 April 2019, Michael Ilcynski will step down as Asia Pacific and Americas Chief Executive Officer effective July 2019. Spark New Zealand Ltd: Simon Moutter has resigned as Managing Director and Director effective 30 June 2019, Jolie Hodson has been appointed as Chief Executive effective 1 July 2019. Grant McBeath has been appointed as Customer Director. Telstra Corporation Ltd: Vicki Brady has been appointed as Chief Financial Officer and Head of Strategy effective 1 July 2019, Michael Ackland has been permanently appointed as Group Executive Consumer and Small Business. Vista Group: Tony Barclay has been appointed Interim Chief Financial Officer, commencing 2 May 2019. TRANSPORTATION MMA Offshore Ltd: David Ross has been appointed as Chief Executive Officer effective 1 July 2019, current Managing Director and Chief Executive Officer Jeffrey Weber will remain Managing Director and at an appropriate time in the future will transition this role across to David Ross as part of an orderly succession.

Sydney Airport Ltd: Michael Lee will retire as a Non-Executive Director at the 2019 Annual General Meeting. Qantas Airways Ltd: Alison Webster has resigned as Chief Executive Officer of Qantas International effective 24 April 2019, Narendra Kumar has been appointed as Acting Chief Executive Officer of Qantas International effective immediately.

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.