State of the Market - Board and Executive Movements February 2018

STATE OF THE MARKET: BOARD AND EXECUTIVE MOVEMENTS FOR FEBRUARY 2018

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.ConfidentialityThis report and the information contained in it are confidential and proprietary information belonging to Blenheim Partners. The reportcontains confidential and proprietary information based on data from public and private sources, including Blenheim Partners’ proprietarydatabase of information. The recipient will not use or disclose, or permit the use or disclosure of, this Report by any other person or forany other purpose. The information contained in this report is preliminary in nature and subject to verification by Blenheim Partners.Blenheim Partners does not guarantee its accuracy or completeness

4 BUSINESS LESSONS FROM ALIBABAIs Alibaba the disruptor of the retail industry in China?On September 19th, 2014 history was made by Alibaba. It had the largest IPO of all time,opening on the New York Stock Exchange with the market capitalisation of USD$ 230 billionon the day. By March 7th, 2018 Alibaba’s market capitalisation has reached USD$ 480 billionand it has become one of the top 10 largest public companies in the world.Even though many people hold the opinion that Alibaba is the Amazon of China, they arequite different in many ways. Unlike Amazon who owns various warehouses throughoutdifferent regions in the world, Alibaba originally focused on being a platform for suppliers tosell products in bulk at wholesale prices to small or medium-sized businesses worldwidethrough its website Alibaba.com.Today, Alibaba Group has become one of the largest companies in China providingconsumer-to-consumer (C2C), business-to-consumer (B2C) and business-to-business (B2B)sales and various other services via e-commerce websites as well as offline portals.In just a few years, the explosive development of the e-commerce industry in China has ledto the revolutionary transformation of how traditional retailers do business. As of 2017, theGross Merchandise Volume (GMV) of China’s online shopping and mobile phone shoppingreached AUD$ 1.2 trillion and AUD$ 1 trillion respectively.Undoubtedly Alibaba has played a crucial role in shaking up the traditional retail sector. Thee-commerce giants like Alibaba in China are bucking the trend by investing in brick-and-mortar stores. They noticed that although more consumers are becoming accustomed toshopping from their online platforms, a reasonable proportion of spending still takes placein brick-and-mortar stores.

Over the past year, Alibaba has aggressively acquired sizable Chinese retailers of differenttypes. It has formed partnerships with supermarket retailer Bailian Group, high-end retailerYintai Group, electronics retailer Suning Commercial Group, and invested USD$ 2.87 billionfor a major stake in Sun Art Retail Group, the hypermarket operator running two recognisedbanners Auchan and RT-Mart. It is believed that Alibaba has invested at least USD$ 13billion in the acquisition of traditional retailers in the past four years. With what it calls the“new retail” model, Alibaba is likely to bring dramatic changes to China’s retail landscape bycombining its e-commerce platform with traditional retail physical infrastructure.Leveraging the strength of online platform and traditional retailers, Alibaba is expanding itsretail empire through the “new retail” model to create a brand new shopping experience forcustomers and disrupt the traditional logistics operations of brands by using the latesttechnologies, such as big data and artificial intelligence.Business Lessons from AlibabaAlibaba’s success is no secret. From its humble beginnings in Jack Ma’s Hangzhou apartmentin 1999, the company has evolved and grown into an e-commerce empire knowninternationally. It is now reshaping the retail industry not just in China but the whole worldwith more cutting-edge technologies and data-driven services. Here are some of the lessonsthat any company can learn from its success story. 1. Vision and PersistenceAlibaba was founded with the vision to champion small businesses and it firmly believedthat the internet would enable small enterprises to grow and compete more effectively inthe domestic and global economies. The simple and clear vision focuses Alibaba onproviding services to small enterprises, cumulatively creating value that would not havebeen possible individually. Together, they represent a complete e-commerce ecosystem.Success is no overnight phenomenon. The idea of Alibaba was rejected by 23 out of 24 ofprospective investors. No one could see e-commerce as a viable business. However, thepersistence of the founders paid off by successfully raising the capital that the venturerequired. Alibaba generated no profit for the first three years, but they never lost sight oftheir vision.Alibaba was also extremely challenged to process the payments in different currencies.Most of the banks rejected to partner with Alibaba to make the process smooth whichinstead led to the successful introduction of its payment transfer system Alipay. 2. Customer-centricOn many occasions, Jack Ma has stated “In Alibaba, customers are first, employees second,and shareholders are third.” On the day of the Alibaba’s IPO, Jack Ma invited eightcustomers to ring the opening bell at the New York Stock Exchange. In fact, puttingcustomers first has driven Alibaba’s phenomenal success so far.

Always keeping an eye on customers’ evolving needs, Alibaba dares to challenge thetraditional transaction patterns and explores new ways to create more value for customers.For example, to better support its customers business growth, Alibaba has built acomputational network that is the world’s fastest cloud-based “streaming processing”platform, through which Alibaba is able to draw extensive data on shopping habits not onlyfrom shopping websites but also geo-location apps, financial services, social media andscores of other sources to help better serve customers and drive efficient merchantoperations. 3. InnovationRather than position itself simply as a pure e-commerce company, Alibaba keeps striving forexcellent service quality by innovating and introducing the most advanced technologies todevelop more positive purchasing experience for both buyers and sellers.Alibaba integrates comprehensive data resources that cover almost every aspect ofcustomers’ daily lives through the acquisition of software companies in other domains (e.g.map, weather, taxi, music, and travel). To date, it has expanded its core business to manydifferent domains, such as advertising services, logistics network, financial services,automation, and mobile terminal services.\"Being innovative means you look at today from a viewpoint of tomorrow. We need to lookat today's China from a viewpoint of the world, and look at ourselves from the viewpoint ofthose outside this industry. When you think this way, you will do things in a different way,\"Ma said. 4. Sensitivity to Business OpportunityAlibaba excels at identifying and seizing unique business opportunities, thereby positioningitself as a leader in developing customer loyalty.In China, November 11 has become a special festival during recent years. With four “1s”,this date was named as Bachelor’s Day. On this day, young people celebrate their singlestatus or simply have fun with friends. As the date falls between Chinese National Day andChristmas, most customers typically avoid shopping during that period. However, Alibabahas successfully transformed it from “Singles Day” to “Shopping Day”.Created in 2009 as an “Anti-Valentine’s Day,” the “Double 11 Global Shopping Festival” isnow bigger than Black Friday and Cyber Monday, combined. The annual event kicks off onmidnight of November 11 and runs for 24 hours featuring steep discounts that are driven bythe main Alibaba-owned platform. Encompassing a live-broadcast gala, virtual games, andan interactive fashion show, the 24-hour event has become a global extravaganza sellingeverything from American sneakers to Japanese rice cookers and Australian prawns. Duringthe 24 hours of “Double 11” in 2017, Alibaba generated a sales record of USD$ 25.3 billionin gross merchandise volume, which beat its record of USD$ 18 billion in 2016.

With a very humble beginning from the small apartment of Jack Ma, Alibaba has becomeone of the most successful companies in the world. The rise of Alibaba should never becontributed to its luck or good timing, but to the values it holds on vision and persistence,customer-centric, innovation and sensitivity to business opportunity.

COCO CHANEL – MAVERICK TO ICONCoco Chanel needs little introduction as a woman whose name has come to be synonymouswith classic fashion and effortless style. During her lifetime she became the most famousfemale couturier in Europe and after her death was listed on the TIME’s 100 Most InfluentialPeople of the 20th Century. Few know the story behind the rise of the woman behind theinterlocking CC emblem that represents the multibillion-dollar, privately owned luxurygoods Chanel empire of today. What can we learn from this pioneering businesswoman thatis relevant to this day?Gabrielle Bonheur “Coco” Chanel was born 19th August 1883. Her mother was anunmarried laundry woman. Her father a nomadic street vendor. The couple had fivechildren, including young Coco Chanel, all living in a crowded one-room lodging. WhenChanel was just 12 years old, her mother died of tuberculosis. Her brothers were sent towork as farm labourers, and Chanel and her sisters were sent to the convent Aubazinewhich ran an orphanage in central France. It was in this frugal and austere period of herchildhood that Chanel learned to sew, the skill that would make her an international fashionicon.At age 18 Chanel moved to a boarding house for Catholic girls in the town of Moulins. Shesought work as a seamstress and in her free time sang in a cabaret bar frequented bycavalry officers. By the time she was 23, Coco had come to realise she would not have aserious stage career. It was also at this time that she became involved with a young Frenchex-cavalry officer, Etienne Balsan, who was also a wealthy textile heir.Chanel gained a taste of the self-indulgent lifestyle, living in a chateau among a social setwho lived for their parties. After a couple of years, she left Balsan for one of his friends,Captain Arthur Edward ‘Boy’ Capel. It was Capel who installed Chanel in an apartment inParis.

In 1913, financed by Capel, Chanel opened her first boutique where she introduced herrevolutionary fashions, including straw hats like those seen on local workers, jackets,sweaters and the original ‘sailor blouse’ for women. The hugely successful casual clothesmade from jersey – a cheap fabric previously used only in men's underwear – were ideal forleisure and sport which women were starting to embrace for themselves as part of theirfight for liberation. She removed the rigid corset and was one of the first women to cut herhair and wear trousers. Women were drawn to her designs as they were comfortable anddifferent to anything that had ever been seen or worn before.Building on her success, Chanel opened a second boutique in Biarritz in 1915, a seaside cityin the South of France which maintained neutrality during World War I, thus becoming aplayground for the rich and famous. Without parents or close family ties, Coco was fiercelyindependent and in 1916 Chanel’s two boutiques had become so successful she was able torepay Capel his original investment. By 1918 Chanel had made enough money to purchasethe entire building at 31 Rue Cambon, Paris, behind the famous Ritz Hotel, where as a nowregistered couturier she established her Maison de Couture, the House of Chanel. It washere that Chanel developed the innovative concept of the modern boutique, selling not onlyclothes but accessories, jewellery and a signature perfume, No.5. The building has remainedthe global flagship store of Chanel, the location as impeccably placed today, in the heart ofParisian fashion, as it was 100 years ago.The trail-blazing, and now independently wealthy, Chanel continued her rise through thesocial ranks attending the best events brushing elbows with aristocrats in France andEngland throughout the Roaring Twenties. She was the original networker, sealing herreputation among her elite clientele and the business world as an inventive trendsetter andinfluencer. A true maverick in the fashion world, Chanel knew what women wanted beforethey even knew themselves. She dreamt big and followed her instincts, remaining authenticand true to her own desire – to be liberated and seen as an equal across the class andgender divides.True to her nature, Chanel challenged the status quo which prevented women wearing ablack dress for any occasion other than mourning, introducing the Little Black Dress (‘LBD’)in the 1930’s during the Great Depression era when women needed affordable fashion. Sheis noted as saying she enabled the non-wealthy to “walk around like millionaires”. It wasalso at this time Chanel introduced her jewellery line which incorporated false stones as wellas fine gemstones. She turned costume jewellery into a fashionable and coveted accessory,going so far as to release a press statement: “It's disgusting to walk around with millionsaround the neck because one happens to be rich. I only like fake jewellery … because it'sprovocative.” Although Chanel is now considered ‘chic’ and ‘timeless’, her styles wereprovocative in the 1920’s and 1930’s.Chanel was not only innovative with her designs but also in her approach to marketing andbranding. By 1935 Chanel Couture was an extremely lucrative business employing 4,000people, almost unheard of for a woman. The start of World War II brought a period ofuncertainty and Chanel proclaimed it was “not a time for fashion”, closing her business. Itwould be 15 years before she staged a comeback. Although her return to fashion initiallyreceived mixed reviews the brand was strong. At age 71, the determined and innovative

Coco Chanel worked tirelessly to regain her status as a leading designer and businesswoman, as well as market share for her designs within in the couture world. By the mid-1950’s she was back on top and has remained there ever since. Chanel died in 1971 and hadalready designed her own tombstone, leaving behind a legacy that lives on as the mostfamous name in fashion ever.A true innovator, Chanel was the first designer to create a signature perfume, Chanel N°5,which is ranked as the best-selling perfume ever created. Marilyn Monroe was once askedwhat she wore to bed and she famously replied “I only wear Chanel N°5”. Chanel alsodesigned nail polish and was the first company to have a waiting list for its distinctivecoloured nail lacquers. Her differentiated products and unique marketing, created a newtype of luxury retail that is still emulated by the international fashion houses today. Inessence the company earns the bulk of its sales from accessibly priced, high-margin itemssuch as perfume, make-up and accessories, while producing expensive high fashioncollections that drive demand and elevate the status of the brand as a whole.Coco Chanel is the only fashion designer listed on TIME’s 100 Most Influential People of the20th Century. She gained the notoriety from her understanding that fashion was aboutmore than just the fabric on our backs and blazed a trail that revolutionised the way womendress, feel and behave in society. She was a brilliant designer but above all she was apioneering businesswoman who founded a timeless brand by overturning social norms,trailblazing, listening to her customers, women, and following her dreams.She was passionate, driven, refused to play by the rules, a true business maverick and aboveall, she was resourceful and resilient – when she saw an opportunity she went after it. Ifthings didn’t work out or she made a mistake, she picked herself up and tried again. Fromhumble beginnings, Coco Chanel learned to seize every available opportunity that lifepresented. She is quoted as saying “My life didn’t please me, so I created my life”. CocoChanel built an iconic fashion empire and created an extraordinary legacy that lives andinspires to this day.

THE THREAT OF CYBERTERRORISM – ORGANISATIONS ARE VULNERABLECyberterrorism is the use of the Internet to conduct acts that result in, or threaten, loss oflife or significant bodily harm, in order to achieve political gains through intimidation. It isalso considered cyberterrorism when activities including deliberate large-scale disruption ofcomputer networks, such as personal computers attached to the Internet are attacked bycomputer viruses, computer worms, phishing, and other malicious software as well ashardware methods and programming scripts as a means to create significant turmoil to theState, community and business.Experienced cyberterrorists are very skilled in hacking and can cause tremendous damage togovernment systems including hospital records, national security programs, and publicinfrastructure which might leave a country, community or organisation in disarray. They caneven potentially change the course of a nation. The 2016 US Presidential elections saw anattack from Russian hackers targeting voting systems in numerous American states with theNational Security Agency unable to stop it. Other countries with less sophisticated safetymeasures are increasingly becoming a vulnerable target and have already felt the effects ofcyberterrorism in different forms and paying a hefty price.In May 2017, the WannaCry ransomware strike spanned more than 150 countries andtargeted public utilities, large corporations and 230,000 computers. It crippled the NationalHealth Service hospitals and facilities in Britain. Russia, Ukraine, India and Chinese Taipeiwere the worst affected countries costing billions in damage. The WannaCry attack showedto the world the rapid; global damage cybercrime could cause. A month later, Petyaransomware struck multiple countries including Australia, with courier companies, legalfirms and even Cadbury and its parent company Mondelez being afflicted. Researcherssuspect the Petya ransomware masked a targeted cyber-attack against Ukraine. Theransomware hit Ukrainian infrastructure particularly hard, disrupting utilities includingpower companies, airports, public transport and the central bank.

Australia’s critical infrastructure is coming under attack by foreign hackers several times aday. The criminals have enhanced their methods, using ransomware where they lock downcomputer files, employing encryption then demanding payment in hard-to-tracecryptocurrencies. Other methods include weaponisation of AI with machine-learning beingused to rapidly strike unsuspecting organisations with greater reach and without humanconstraints.The cyberterrorists are not limiting their efforts to national targets but are also focusing onbusiness with an increased and alarming intensity. Over the past few years, the world’sstock exchanges have observed and experienced an increasing threat of cyber-basedattacks, with hackers being bolstered by the increased refinement and availability ofdestructive tools. In 2017, Equifax, a global corporation had an attack that led to the leakingof private customer information including Social Security numbers and other critical data.With most equity markets in the world experiencing all-time highs, capitalist economies areunder great surveillance and threat by the cyberterrorists. Targets of terrorism could furtherevolve with the trillions of dollars in asset values potentially inspiring hackers to launchmajor scale cyber assaults stealing private information and placing organisations andinvestors at risk. While some proclaim large financial institutions and leading corporates arerelatively immune given the vast sums invested in cyber defence, the criminals in questionare becoming even more sophisticated, well-funded, and should not be underestimated.As cyber-attacks are doubling more recently, super cyber-attacks are anticipated to becomemore prevalent in 2018. Cyber terrorists are expanding their target range to includeindustries which have become more reliant on smart technology such as airlines, vehiclesand more broadly manufacturing. As a result of cyberterrorism, Boards and CEO’s aregenuinely concerned with the multitude of risk that cyber-attacks bring and whether theirorganisations are exposed and placed in harm’s way.The demand for superior technical expertise and overhaul of organisation security/risksafeguards has escalated. The price for leading top technology executives with cybercredentials has risen and the supply has fallen. Many organisations are coming to therealisation they may need to source from offshore and not necessarily in the traditionalhunting grounds. This also brings with it issues in regards to security clearance.At Blenheim Partners we recognise the impact of appointing the wrong person to anorganisation will be significant and cannot be underestimated For most the challenge hasnot only been the limited supply but the over exaggeration of many potential candidates inregards to their track record in this area. Blenheim Partners has invested in leading researchcapability and is partnering with organisations in the identification and acquisition of leadingcyber/technology experts in a new and opaque market.

WAS SHACKLETON THE GREATEST LEADER IN THE LAST 200 YEARS?How do we define great leadership?There has been endless debate as to the defining qualities that encompass great leadership.Trying to whittle it down to a small number of characteristics is difficult, as leadership is anart. Everyone has their own leadership style. Some start off better leaders than others,while others evolve into leaders over time. However, there are a number of key themes ofleadership no matter the style or individual. 1. Shared Vision: The leader and the group must be working on a mutually agreed upon goal. This is the opposite of a dictatorship, which forces others to work towards a goal they may or may not support. 2. Mobilising and Empowering Others: Effective Leaders must enable others to do things, as well as get them to do it. However, what is most critical is that followers are both able and willing. Leader’s inspire people to want to act, rather than being forced to do so. 3. Resilience: An effective leader can withstand disruptive shocks, manage complexity and recover from tough times. 4. Morale: It is important to remember that an effective leader is not just responsible for a group completing the task, but also responsible for the team’s enjoyment and their feelings towards others on the team and the work they are undertaking.What is important to note is these leadership qualities are not defined by a person’sposition in the group, Ernest Shackleton appreciated that it was his actions, rather than histitle, which were most important in gaining the respect of his men.

Who was Ernest Shackleton?Ernest Shackleton was born on 15th February 1874 in County Kildare, Ireland, to Anglo-Irishparents. He grew up in London, where his family moved when he was a young boy. Despitethe urging of his father to follow in his footsteps and go to medical school, Shackletonjoined the merchant navy. In 1901, he joined British Naval Officer and explorer RobertFalcon Scott on a trek to the South Pole that placed them closer to the pole than anyoneelse had previously achieved. The trip for Shackleton was cut short, as he fell seriously illand returned home.In 1908, he returned to the Antarctic as the leader of his own expedition, on the ship‘Nimrod’. During the expedition, his team climbed Mount Erebus, made many scientificdiscoveries and set a record for coming closer to the South Pole than any expedition hadbefore. In 1914, Shackleton made his third trip to the Antartic with the ship ‘Endurance’,named after his family motto, “Fortitudine Vincimus – by endurance we conquer”, planningto cross Antarctica via the South Pole. Early in 1915, Endurance became trapped in the ice,ultimately forcing Shackleton and his 27-man crew to vacate the ship and set up camp onthe floating ice. After the ship sank later that year, he and his crew crowded into three smallboats and made their way to Elephant Island. However, there was little hope of rescue, asthe Island was uninhabited. Taking five crew members, Shackleton went to find help. Theyspent sixteen days crossing 1,300 km of ocean to reach South Georgia. Shackleton and twoof the crew then trekked across the island to reach the whaling station. The remaining menfrom the Endurance were rescued in August 1916. No one from the expedition died.Shackleton’s fourth expedition aimed to circumnavigate the Antarctic continent but, on the5th January 1922, Shackleton died of a heart attack off South Georgia. He was buried on theisland at the request of his wife.Why does his story still resonate today?Ernest Shackleton was not the first person to reach the South Pole, that honour belongs toRoald Amundsen, who beat the British explorer Robert Scott in 1911. Shackleton’s aim wasgreater, he wanted to transverse Antarctica, but ultimately, he failed to achieve his aim.However, Shackleton’s thrilling story still captivates us, and his legend has endured. It is astory of optimism in the face of death and ingenuity in the face of scarcity. His honest andself-sacrificing leadership and his consideration for the well-being of his crew means his lifecontinues to be of relevance today.What makes Shackleton’s story stand out compared to other great leaders in history is theintimacy of the various accounts that we now have of the Endurance expedition, from notonly Shackleton himself, but various members of his crew. All accounts focus on his people-centred style of leadership. Although his initial legacy was outshone by Robert Scott,Shackleton gradually overtook him in the public’s esteem. Away from his expeditions,Shackleton’s life was restless and unfulfilled. He launched business ventures that failed toprosper, and he died heavily in debt. However, as an explorer, he became an exemplar forbringing order from chaos and the archetype of a non-anxious leader. He was a man ofaction, not oratory and is the epitome of leading by example.

Shared VisionShackleton understood the importance of a common goal and the importance of havingpeople within his team who had the right attitude. Shackleton was clear in his vision fromthe start and only wanted those who shared it to join him on his expeditions. To attract theright people for the difficult journey that awaited him on his ship, the Endurance, he postedan advert which read “Men wanted for a hazardous journey. Small wages. Bitter cold. Longmonths of complete darkness. Constant danger. Safe return doubtful. Honour andrecognition in case of success.” The men he attracted to carry out this mission were allvolunteers, who shared a common, nationalistic vision. He was authentic in his proposal ashe only wanted like-minded individuals who a shared a common purpose; personalfulfilment from extreme hardship. Shackleton was hiring for attitude!His recruiting techniques were highly subjective, practically intuitive and eccentric.Shackleton could appraise a man by his interpersonal skills. Shackleton intuitively knew thatpersonality was more critical than skill, saying “their science or their seamanship weighslittle with me against the kind of chaps they are”. He hired biologist Leonard Husseybecause he “looked funny” and played the banjo. Shackleton was equally shrewd when itcame to choosing his official photographer. His chosen man proved courageous and hard asnails. “Frank Hurley is a warrior with his camera and would go anywhere or do anything toget a picture,” said First Officer Lionel Greenstreet.Mobilising and Empowering OthersShackleton understood that putting the needs of his team before himself, was not simply foraltruistic purposes, as his constant selfless actions had the effect of forging the deepestloyalty. When Shackleton prepared to leave on the voyage to South Georgia, he gatheredhis men and asked for those who were willing to accompany him to step forward. FrankWorsley, the ship’s captain, recalled the scene, “the moment he ceased speaking every manvolunteered…On the island was still safety for some weeks. The boat journey promised evenworse hardships than those through which we had but recently passed. Yet so strong wasthe men’s affection for Shackleton, so great was their loyalty to him, that they responded asthough they had not undergone any of the experiences that so often destroy thosesentiments. They were as eager to accompany him as they had been in August 1914, the dayupon which we had sailed nearly two years before.”The crew responded positively to Shackleton’s informal leadership style; he treated seniorofficers and seaman as equals, pitching in on all the menial tasks and prioritizing his men’scomfort above his own. When Hurley lost his mittens when the endurance sunk, Shackletongave him his own and suffered frostbite as a consequence. Shackleton genuinely cared forhis men and they responded in kind.ResilienceShackleton exemplified resilient leadership. Shackleton would face hardships that wouldalmost defy belief, and it was his iron-clad resilience that allowed him to keep going. The

moment the Endeavour sunk, taking its relative safety, shelter and stores with it, themission of Shackleton’s expedition changed. He announced a new goal “Ship and storeshave gone … so now we’ll go home.” Shackleton and his men spent six months camped onthe ice.When the ice had melted enough they set sail for Elephant Island, 60 miles away. It tookthem seven days in small rowing boats battling the elements. When the men finally arrived,they danced along the beach and let the pebbles dribble through their hands. They believedthey would be able to spend the winter on the island and be picked up by whalers in thespring. However, Shackleton realised there would not be enough food on the island to lastthat long; instead travelling 1300km to the whaling stations of South Georgia. Shackletonchose five men to accompany him and takes off to their last hope of salvation. It took themsixteen days to make it to South Georgia. However their journey was far from over. Thewhaling stations were on the other side of the island, and it required an overland journey toreach them.Wearing threadbare clothing, with wood screws from the lifeboat fastened to their bootsoles for traction, Shackleton, Worsley and Second Officer Tom Crean set out to marchacross South Georgia. For 36 sleepless hours, the men marched in search of whalingstations, stopping only for meals. On the morning of May 20th, 1916, they heard the whistleof the whaling station. Shackleton recalled “Never had any one of us heard sweeter music. Itwas the first sound created by outside human agency that had come to our ears since weleft Stromness Bay in December 1914. That whistle told us that men were living near, thatships were ready, and that within a few hours we should be on our way back to ElephantIsland to the rescue of the men.”He made three attempts to sail back to Elephant Island, but each time was forced to turnback because ice blocks the way. It took a fourth ship and four months until Shackletonmakes it back to Elephant Island, but he was greeted with the most rewarding sight of all: all22 of the men he had left behind, alive, waving from the beach. Shackleton never crossedAntarctica, he never even reached the Antarctic continent, but his resilience allowed him toachieve his new aim, to deliver his men safely home.MoraleWhile the Endurance was trapped in ice, Frank Worsley said, “Shackleton’s spirits werewonderfully irrepressible considering the heart-breaking reverses he has had to put up withand the frustration….one would think he had never a care on his mind and he is the life andsoul of half the sky larking and fooling in the ship.” No matter what befell him, Shackletonalways found reasons to laugh. The worse things got, the cooler, and more collectedShackleton became. Worsley remembered that Shackleton could sometimes be irritablewhen the going was good, and he could afford it, “but never when things were going badly,and we were up against it.” Shackleton was obsessed with the well-being of his men. Heunderstood that idleness would lead to depression, so he kept his crew as active as possible,sending them out for games of football and hockey while the Endurance was trapped in ice.On the way to South Georgia, he assured that the crew got regular meals and drinks of hot

milk every four hours; the routine gave the group stability and something to look forwardto.The Greatest Leader?There are a number of reasons why Shackleton’s story stands out compared to the othergreat leaders of recent times. The hardships he and his crew faced were so extreme it wasessentially a fight against nature. Everything that could go wrong went wrong. Leaders sooften make decisions from afar, on the sidelines, whereas Shackleton’s every decision andmovement could have cost his team their lives. What Shackleton exemplified, it could beargued, more than other well-known leaders was an understanding of the basic needs of hisfellow human beings. Shackleton possessed ample social intelligence, understanding whatmade his crew members tick as individuals, and how important this was for them to stayalive. Shackleton’s Endurance expedition failed, but his leadership meant his entire crewsurvived, a feat that appeared impossible. It is what makes him stand out from the rest andwhy his story continues to resonate today.

COMMERCIAL SERVICESInvoCare Ltd: Damien MacRae has been appointed Chief Operating Officer for Australia and NewZealand.Slater and Gordon Ltd: John Somerville has been appointed Chief Executive Officer, effectiveimmediately, Hayden Stephens has resigned as Chief Executive Officer.ENERGYAPA Group Ltd: Peter Wasow and Shirley In’t veld have been appointed Non-Executive Directors,effective 19 March 2018. John Fletcher has retired as Non-Executive Director, effective 21 February2018.Beach Energy Ltd: Joycelyn Morton has been appointed Non-Executive Director, effective 21February 2018.Infigen Energy Ltd: Fiona Harris has retired as Non-Executive Director.Paladin Energy Ltd: David Riekie and Daniel Harris have been appointed Non-Executive Directors.John Hodder has been appointed Non-Executive Director.Tap Oil Ltd: Blaine Ulmer, Chris Newton and Govert van Ek have been appointed Non-ExecutiveDirector effective immediately. James Menzies, Peter Mansell, Tom Soulsby and Andrea Hall haveresigned as Directors. Kamarudin bin Baba has been appointed Non-Executive Director, effective 6February 2018, Frank Sreesangkom has resigned as Non-Executive Director effective immediately.Vimy Resources Ltd: Scott Hyman has been appointed Vice President of Sales and Marketing.Whitehaven Coal Ltd: Christine McLoughlin has retired as Non-Executive Director, Fiona Robertsonhas been appointed Non-Executive Director.FINANCIAL SERVICESAustralia and New Zealand Banking Group Ltd: Sir John Key has been appointed Non-ExecutiveDirector, effective immediately. Kevin Corbally has been appointed Chief Risk Officer, effective 19March 2018. Nigel Williams will retire from his role as Chief Risk Officer, effective 19 March 2018.Australian Ethical Investment Ltd: Julie Orr has been appointed Non-Executive Director.BT Investment Management Ltd: Richard Brandweiner has been appointed Chief Executive Officer,Australia succeeding Michael Bargholz who will retire effective 30 July 2018.EML Payments Ltd: Kirsten Ferguson and Melanie Wilson have been appointed Non-ExecutiveDirectors, effective immediately.Genworth Mortgage Insurance Australia Ltd: Luke Oxenham has resigned as Chief Financial Officer,William Milner has been appointed Acting Chief Financial Officer.Mirrabooka Investments Ltd: Jackie Fairley has been appointed Non-Executive Director, effectiveimmediately.

Money3 Corporation Ltd: Brett Coventry has resigned as Chief Financial Officer and Joint CompanySecretary, Siva Subramani has been appointed acting Chief Financial Officer, effective immediately.Perpetual Ltd: Andrew Cannane has resigned as Director, effective 23 February 2018.Platinum Asset Management Ltd: Andrew Clifford has been appointed Chief ExecutiveOfficer/Managing Director, effective 1 July 2018. Kerr Neilson will step down as Chief ExecutiveOfficer 1 July and will assume the role Executive Director.Watermark Global Leaders Fund Ltd: Rohan Hedley has stepped down as Chairman, effective 28February 2018. John Abernethy has been appointed Non-Executive Director, effective immediately.Philip Howard has been appointed Chairman, effective immediately.Westpac Banking Corporation: Peter Nash has been appointed Non-Executive Director, effective 7March 2018.GAMINGAristocrat Leisure Ltd: Neil Chatfield has been appointed Non-Executive Director.Donaco International Ltd: Gerald Tan has been appointed Chief Operating Officer.Silver Heritage Group Ltd: Brett Model has been appointed General Manager – Hotel, Tiger Palace,effective 1 March 2018. Also Kevin Willcocks was appointed General Manager – Casino, Tiger Palace,effective 13 November 2017.INDUSTRIALS/MANUFACTURINGAdelaide Brighton Ltd: Vanessa Guthrie and Geoff Tarrant have been appointed Non-ExecutiveDirectors, effective 8 February 2018. Zlatko Todorcevski has been appointed Chairman, and LeslieHosking has resigned as Chairman, effective May 2018.James Hardie Industries Ltd: Persio Lisboa has been appointed Non-Executive Director effective 2February 2018.Reliance Worldwide Corporation Ltd: Sharon McCrohan has been appointed Non-ExecutiveDirector, effective 27 February 2018.INSURANCECBL Corporation Ltd: Suzanne Tindal has resigned as Chief Operating Officer.Freedom Insurance Group Ltd: Craig Orton has been appointed Chief Operating Officer, effective 6February 2018.Insurance Australia Group Ltd: David Watts has been appointed Chief Risk Officer, effective 11September 2018. Neil Morgan has been appointed Group Executive Technology, effectiveimmediately.

MEDIA333D Ltd: Tim Naylor has been appointed Executive Director. Also, David Wheeler has resigned fromthe Board.APN Outdoor Group Ltd: Phillip Knox has been appointed Chief Financial Officer, effective 5 March2018.Macquarie Media Ltd: Adam Lang has been appointed Chief Executive Officer, effective 3 April 2018.Russell Tate will step down from Executive Chairman to Non-Executive Chairman, effective 1 July2018.PMP Ltd: Kevin Slaten has been appointed Chief Executive Officer, effective 27 February 2018.MININGAusdrill Ltd: Ron Sayers has given 12 months’ notice of his intention to retire as Managing Director.Austin Engineering Ltd: Charlie Sartain has resigned as Non-Executive Director, effective 1 April2018. Sybrandt van Dyk has been appointed Non-Executive Director, effective immediately.Cape Lambert Resources Ltd: Philippe Bouchart has been appointed as General Manager of theCompany’s DRC based joint venture.Capricorn Metals Ltd: Debra Bakker has been appointed Non-Executive Director. Guy LeClezio isretiring as Non-Executive Director effective 2 February 2018, Peter Langworthy has been appointedNon-Executive Director, and Michael Martin will take over from Peter’s role as General ManagerGeology.Cardno Ltd: Rebecca Ranich has been appointed Non-Executive Director, effective 19 March 2018.ERM Power Ltd: Julieanne Alroe has been appointed Non-Executive Director, effective 24 August2018.Fortescue Metals Group Ltd: Elizabeth Gains has been appointed Chief Executive Officer, NevillePower has resigned as Chief Executive Officer, effective 19 February 2018. Sebastian Coe has beenappointed Non-Executive Director.Iluka Resources Ltd: Rob Cole has been appointed Non-Executive Director, effective 1 March 2018.Intrepid Mines Ltd: Peter Love has resigned as Director, effective 13 February 2018. RichardBaumfield will be appointed Chairperson at the next board meeting.Mincor Resources NL: Brett Lambert has been appointed Non-Executive Chairman, effectiveimmediately.Niuminco Group Ltd: Mark Ohlsson has resigned as Non-Executive Director but will continue asCompany Secretary.

Nusantara Resources Ltd: Derek Humphry has been appointed Chief Financial Officer taking over therole from Craig Smyth. Robin Widdup has been appointed Non-Executive Director.Pro-Pac Packaging Ltd: Brendon Penn, has retired as Non-Executive Director.RCR Tomlinson Ltd: David Robinson has been appointed Non-Executive Director, effective 1 March2018.Rio Tinto Ltd: Moya Greene has been appointed Non-Executive Director, Paul Tellier has resigned asNon-Executive Director, effective 2 May 2018.Sundance Resources Ltd: Alan Rule has resigned as Non-Executive Director.Tiger Resources Ltd: David Frances has been appointed Executive Chairman, effective immediately,Brad Sampson has ceased his role as Chief Executive Officer.PHARMACEUTICALS/HEALTH CARE1ST Group Ltd: Paul Welch has been appointed Non-Executive Director, effective 1 March 2018.Richard Arnold has resigned as Director, effective 1 March 2018.Regis Healthcare Ltd: Christine Bennett and Matthew Quinn have both been appointed Non-Executive Directors, effective 1 March 2018.PROPERTYALE Property Group Ltd: Michael Triguboff has been appointment Non-Executive Director.GPT Group Ltd: Vickki McFadden has been appointed Non-Executive Director, effective 1 March2018. Also, Chairman Rob Ferguson will retire from the board in May.McGrath Ltd: Cass O’Connor has resigned as Chair, Elizabeth Crouch and Cath Rogers have resignedas Non-Executive Directors, all effective 19 February 2018. Geoff Lucas has been appointed ChiefExecutive Officer. Peter Lewis has been appointed Chairman, and Andrew Robinson has beenappointed Non-Executive Director.Simonds Group Ltd: Kelvin Ryan has been appointed Chief Executive Officer and Managing Director,effective 5 March 2018.RETAIL/CONSUMER3P Learning Ltd: Mark Lamont has been appointed Non-Executive Director, effective 1 March 2018.Ardent Leisure Group Ltd: Chris Morris has been appointed Chief Executive Officer of Main EventEntertainment, effective 26 March 2018.Coca-Cola Amatil Ltd: Julie Coates has been appointed Non-Executive Director, effective 1 March2018.Flight Centre Travel Group Ltd: Colette Garnsey has been appointed Non-Executive Director.

Funtastic Ltd: Phillip Jones has been appointed Non-Executive Director, effective 1 March 2018.Greencross Ltd: Simon Hickey has been appointed Chief Executive Officer and Managing Director,Martin Nicholas will step down as Chief Executive Officer and Managing Director, both changes areeffective 5 March 2018.Helloworld Travel Ltd: John Constable has been appointed Group General Manager, Retail andCommercial, effective 12 February 2018.Myer Holdings Ltd: Richard Umbers has stepped down from his role as Chief Executive Officer,effective immediately. Garry Hounsell has been appointed Executive Chairman, effectiveimmediately.McPherson’s Ltd: Geoff Pearce has been appointed Non-Executive Director, Amanda Lacaze has alsoresigned as Non-Executive Director, effective 20 February 2018.Nick Scali Ltd: Stephen Goodard has been appointed Non-Executive Director, effective 1 March2018.Speciality Fashion Group Ltd: Daniel Bracken has been appointed Chief Executive Officer andManaging Director effective 12 February 2018.Treasury Wine Estates Ltd: Colleen Jay has been appointed Non-Executive Director, effective 1 April2018.TECHNOLOGY/TELECOMMUNICATIONSAdslot Ltd: Ian Lowe has resigned as Chief Executive Officer, Ben Dixon has been appointed InterimChief Executive Officer, and Founder of Adslot Andrew Barlow has been appointed ExecutiveChairman.BrainChip Holdings Ltd: Luis Coello has been appointed Director of Sales and Business Developmentfor Europe, Middle East and Africa.Computershare Ltd: Abi Cleland and Lisa Gay have been appointed Non-Executive Directors,effective immediately.Gentrack Group Ltd: David Ingram as resigned as Chief Financial Officer effective 30 April 2018. TimBluett has been appointed Chief Financial Officer, effective April 2018.Getswift Ltd: Nevash Pillay has resigned as Non-Executive Director.Hills Ltd: David Lenz has been appointed Managing Director, effective 19 February 2018.Isentia Group Ltd: John Croll has resigned as Managing Director and Chief Executive Officer.Megaport Ltd: Steve Loxton has been appointed Chief Financial Officer, effective 19 February 2018.Nuheara Ltd: Kathryn Foster has been appointed Non-Executive Director.

Pushpay Holdings Ltd: Guy Weismantal has been appointed Chief Marketing Officer.TechnologyOne Ltd: Sharon Doyle has been appointed Non-Executive Director.Vocus Group Ltd: Julie Fahey has been appointed Non-Executive Director effective 2 February 2018.Geoff Horth has resigned as Group Chief Executive Officer, Michael Simmons has been appointedInterim Group Chief Executive Officer.WiseTech Global Ltd: Teresa Engelhard has been appointed Non-Executive Director, effective 1March 2018.TRANSPORT/LOGISTICSVirgin Australia Holdings Ltd: Rob Thomas has stepped down from his role as Non-ExecutiveDirector, effective 28 February 2018, Robin Kamark has been appointed Non-Executive Director.

KEY MEMBERS OF OUR GLOBAL TEAMGregory W. Robinson As a former Chief Executive Officer and Non-Founder & Managing Partner, Search & Advisory Executive Director, Ms Thomas brings to the partnership a keen working knowledge ofMr. Robinson has been specialising in senior executive management, C-suite and boardroominternational executive appointments for over 19 competencies, succession planning, leadership andyears. Sector experience is broad and includes corporate governance.consumer retail, natural resources, infrastructure, Prior to her role as Managing Director of Ardentindustrial, manufacturing, telecommunications, Leisure Group, Ms Thomas edited and managedtechnology, financial services, health and sport. He some of Australia’s most popular women’shas acted as an adviser to many of Australia’s magazine brands including The Australianleading corporations on board performance, Women’s Weekly for almost a decade.capability and succession. Mr. Robinson has been Highlights of her board career include three yearsinvolved in Board Advisory and C-Level as Deputy Chair of the National Library of Australiaappointments in three continents and was a and Executive Director of the Bangkok Post / ACPDirector of Australian Business in Europe whilst in joint venture in Thailand.London. Mr. Robinson holds a BComm with Merit Ms Thomas is a strong advocate for diversity, withand was awarded with the coveted Green Beret a robust track record of supporting and mentoringwhen in the Australian military. He is a member of women and a member of Chief Executive Women.Blenheim Partners’ Board, CEO & CFO Practices. Ian SmithBrett Wright Partner, Search & AdvisoryPartner, Search & Advisory Mr. Smith has over 26 years’ experience working withDr. Wright has advised many of Australia’s premier global media, marketing and technology companies inorganisations on board and executive structure, Australia, the US, Europe and Asia and is heavily involvedperformance and assessment, competitor analysis and with Blenheim Partners’ Board, CEO, TMT & Privatesuccession planning. Prior to Executive Search he had a Equity Practices. Prior to joining Blenheim Partners, herange of line management, academic and consulting was Managing Partner of Heidrick & Strugglesroles which include nine years as the Group Executive Australasia and member of the Board, CEO, Media,Human Resources in St George Bank. Dr. Wright was Entertainment, and Private Equity practices. Before hisresponsible for all aspects of the people strategy for over career in executive search, Mr. Smith was Chief9,000 employees. He was a key driver behind many of Executive Officer of Yahoo!7, one of Australia’s leadingthe Group’s initiatives including flexible working online portals and Chairman of Yahoo!Xtra, a jointarrangements. More recently Dr. Wright was Executive venture with Telecom New Zealand. He has also heldDirector People for Ashurst, reporting to the Managing Chief Executive Officer and senior executive roles inPartner. Dr. Wright has a PhD in Organisational global media, marketing communications andBehaviour and has been the Adjunct Professor to the advertising companies, including APAC regional ChiefUniversity of Western Australia. He also holds a Executive Officer for Bates, and international presidentBE(Hons), MEngSc, an MBA from the University of of Bates Worldwide based in New York. He was also aSydney and is a Fellow of the Australian Institute of director of Cordiant PLC based in London. He has alsoCompany Directors(FAICD). He is a key member of the served as a Trustee of the State Library of New SouthBoard, CEO, and HR Practices. He also leads the Wales and a Director of the Garvan Institute of MedicalLeadership Advisory and Re-Engagement Practices. Research Foundation. Mr. Smith holds a Bachelor degree in Sociology and Psychology from La Trobe University inDeborah Thomas Melbourne.Partner, Search & Advisory Joseph MarsellaMs Thomas has over 30 years’ experience in Partner, Search & Advisorymedia, entertainment, marketing and retail salesacross Australia and the United States. Prior to Mr. Marsella leads the Technology Marketsjoining Blenheim Partners, Ms Thomas was one of Practice. He is responsible for Blenheim Partnersonly a handful of Australian women to have run an talent solutions for the technology sector whichASX 200 listed company. includes Chief Information Officer, Chief Digital

Officer, Chief Technology Officer, Chief Information for 10 years.Security and Heads of Analytics, Infrastructure,Applications and, Project Management. Mr. Jeremy LowMarsella also assists Boards with the appointments Partner, Asiaof IT Non-Executive Directors. Mr. Marsella has anextensive background in global business and leading Mr. Low is a member of the Board, CEO, FinancialInformation and Technology divisions with Services, Legal and Digital Practices.experience across a broad range of industriesincluding Consumer, Health Care, Banking and Darrell ShamFinancial Services and Education. Prior to Executive Partner, AsiaSearch, Mr. Marsella was the Chief InformationOfficer, Asia Pacific for Kimberly-Clark. He also held Mr. Sham is a member of the Board, CEO, CFO andsenior technology roles with AMP Financial Services Consumer Practices.and Westpac Banking Corporation and was aLecturer at Sydney Institute of Technology. Mr. Matthew MorrisMarsella, as a former Chief Information Officer, Partner, United Kingdom, Europe & USAbrings deep experience and understanding ofbusiness, strategic planning, change management, Mr. Morris is a member of the Board, CEO andand delivery of initiatives with current technology Financial Services Practices.insight. Mr. Marsella holds a B.Science. Andrew ShestopalSarah Morgan Partner, United Kingdom, Europe & USAConsultant, United Kingdom & International Mr. Shestopal is a member of the Board, CEO andMs. Morgan is a member of the Board and CEO Property/ Real Estate Practices.Practice and heads the research capability in thenorthern hemisphere. She manages the coverage of Simon Keatingthe United Kingdom, European and US markets Partner, United Kingdom, Europe & USAsupported by a network of Senior researchers/consultants. Ms. Morgan is an independent Mr. Keating is a member of the Board, CEO andconsultant and has worked with Blenheim Partners Financial Services Practices.since 2015 focusing on Board appointments. Shehas over 16 years’ search experience specialising in Luke McKennaChairmen, Non-Executive Director, Advisory and Senior Associate, Research & Integritymain board appointments. Previously she spentseven years with Russell Reynolds in their board Brooke Lanepractice. Based in London she worked Senior Associate, Research & Succession Planninginternationally and coordinated the European boardpractice. Prior to this Ms. Morgan worked for two Eunice Liuyears with Hanson Green, a non-executive Senior Associate, Research & Succession Planningboutique. Ms. Morgan began her career withHeidrick & Struggles, in their board practice. She has Robert Hitchingsworked across all sectors covering FTSE 100, FTSE Senior Associate, Research & Succession Planning250, Private Equity and Not for Profit Boards. She isa graduate in Geography from the University of Charlotte CappinNottingham. We have been working closely with Senior Associate, Research & Succession Planning,Ms. Morgan to extend the reach of global United Kingdom & Europeappointments. Bill FilippopoulosAnna Papahristos Associate, Research & Succession PlanningPartner, Elite Performance Jessica KitcherMs. Papahristos is a leading organisational Associate, Research & Succession PlanningPsychologist and has been consulting ChiefExecutives in the ASX 300, Senior Executives inGovernment agencies, and members specialisedunits of the Emergency services and Armed Forces

Melissa HuangAssociate, Research & Succession PlanningBrandon NeedhamAssociate, Research & Succession PlanningMatthew WrightAssociate, Research & Succession PlanningLachlan PorterAssociate, Research & Succession PlanningLaurence VilletteProject and Office Manager