6th Mar 2006 07:03
Close Brothers Group PLC06 March 2006 6 March, 2006 CLOSE BROTHERS GROUP plc Board Changes ------------- The board of Close Brothers Group plc advises that Sir David Scholey (age 70)will be retiring at the conclusion of the next Annual General Meeting on 26October, 2006. Sir David will be succeeded as chairman by Rod Kent (age 58), acurrent non-executive director. A number of the company's largest institutional shareholders have been consultedon this proposed appointment. The board has also decided that Strone Macpherson, senior independent director,will be appointed deputy chairman at the same time. The board is in the process of selecting an additional independent non-executivedirector with the intention of making the appointment before the year end. Following these changes, the board will comprise, in addition to Mr. Kent aschairman, six non-executive directors and five executive directors. Background to Mr. Kent's appointment.------------------------------------- The Nomination and Governance Committee considered whether Sir David's successorshould be appointed from within or outside the present board. Having consideredpossible candidates in both categories, the Committee concluded, and the boardconcurred, that Mr. Kent should be invited to fill the post. In reaching itsconclusion, the board acknowledged the fact that Mr. Kent's term as an executiveofficer of Close Brothers from 1974 to 2002 means that he would not meet theindependence criteria of the Combined Code. Since October 2002, Mr. Kent hasserved as chairman or senior independent director of three significantcompanies, Bradford and Bingley plc, Grosvenor Limited and Whitbread Plc. Duringthis time as a non-executive director of the company Mr. Kent has consistentlyshown independence of judgement. The board attaches great importance to succession planning and continuity andbelieves that these are important factors behind Close Brothers' consistent longterm success. Mr. Kent offers the unique combination of experience, continuityand knowledge of the company's rather particular business and the boardconsiders his appointment to be in the best interests of the company and all itsshareholders. For further information please contact: Robin SellersCompany Secretary020 7655 3100 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Close Bros