Simpson retires as Aristocrat chairman
Aristocrat Leisure Limited (ALL) announced the impending retirement of three long standing directors in an update on its board succession planning and renewal programme. The company said David Simpson, Penny Morris and Bill Baker have indicated they would step down from their respective positions.
Aristocrat said Mr Simpson indicated that after six years in the role he would resign as chairman of the company upon the appointment of a successor and also retire as a director.
The company said planning for a replacement chairman has already commenced, with an announcement expected to be made towards the end of 2010.
Aristocrat said Mrs Morris has also indicated that she would retire from the board at the conclusion of the AGM after originally being nominated in August 2003 in order to focus on her other board responsibilities.
Meanwhile, the company said after 12 years Mr Baker wishes to retire from the board this year, with the precise timing yet to be determined.
Aristocrat said as part of the ongoing process of Board renewal, Dr ID Blackburne and Mr SW Morro were recently nominated as directors’ elect, with their appointments subject to certain pending regulatory pre-approvals.
Mr Simpson said his decision to step down later this year along with Mrs Morris and Mr Baker’s retirements are consistent with the company’s interests in ensuring appropriate board renewal.
”The board considers that these retirements, and the anticipated new appointments, will allow us to continue to refresh the Board by bringing additional experiences and new perspectives especially in respect of the critical US market,” Mr Simpson said.
”These changes are particularly important as we guide the Company through its critical 3-5 year turnaround programme.”
As at 1114 AEDT, Aristocrat shares were up 4c to $4.46.
Leave a Reply