31st Mar 2011 07:00
GUINNESS PEAT GROUP PLC
ANNOUNCEMENT
Guinness Peat Group plc ("GPG") announces that Dr Gary Weiss has decided today to resign from his role as an Executive Director of GPG with effect from 30th April 2011. It has been agreed that Dr Weiss will remain as Chairman of Coats for an initial period of at least twelve months and provide further consultancy services to GPG, if required, so as to work with the Board to assist with maximising value for all GPG shareholders.
Mr Mark Johnson AO, Chairman of GPG said "I wish to thank Dr Weiss for his contribution to GPG during his tenure as an Executive Director".
Mr Johnson separately noted that he will not be standing for election at the forthcoming Annual General Meeting scheduled to take place on 8 June 2011.
Mr Johnson joined the board in September 2010 to assist GPG in developing its response to a rapidly changing market place. During this period extensive work was carried out under the guidance of Mr Johnson's chairmanship, culminating in the important announcement made in February. With the company's new direction in place, the role of chairman will be somewhat different, with an emphasis on asset realisation and an orderly wind down of activities. Mr Johnson feels that his other commitments and priorities are such that, with the company's strategic future determined, it is in GPG's interests for him to stand down and to allow a new chairman to guide the company in its new phase of development.
A further announcement will be made in due course regarding the appointment of a new Chairman of GPG.
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Enquiry details are:
New Zealand media: Geoff Senescall on: +64 9 309 5659
Australian media: Andrew Stokes on: +61 2 8298 6100
UK media: Kevin Smith on: +44 207 282 1054
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Chris Healy
Company Secretary
Guinness Peat Group plc
Tel: +44 20 7484 3370
30 March 2011
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