21st Feb 2019 12:07
LONDON (Alliance News) - Electricity generator Drax Group PLC said Thursday it is shuffling the membership of its board as part of a process of succession planning.
Senior Independent Director David Lindsell will step down from the board at Drax's annual general meeting on April 17 after 11 years in the role since 2008.
He will be replaced as senior independent director by Non-Executive Director David Nussbaum.
Non-Executive Director Tony Thorne will stand down from the board on June 28, after nine years in the role since 2010. Thorne will seek approval of shareholders at the April meeting to continue in his role until June 28.
Also, Tim Cobbold will resign with effect on September 27 after nine years in the role, and will seek shareholder approval to continue in his role until then.
Drax said a search is in process to find an additional non-executive director, which is being supported by an external search consultant.
"I should like to thank David Lindsell, Tony Thorne and Tim Cobbold for their outstanding contributions to the Drax board. They have provided invaluable challenge and guidance through a period of very significant change for the Drax group," said Chair Philip Cox.
Shares in Drax were down 1.4% at 375.60 pence on Thursday. The stock is up 61% in the 12 months.
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