As part of its restructure and the formation of its new board, Austock has announced the appointment of Steven Gregg as its new independent non-executive chairman.
Gregg replaces Chris Sadler, who will remain on the board a non-executive director.
Previously, Gregg held a number of senior positions at ABN Amro in London, including global head of investment banking. He was also a senior adviser and partner in corporate finance at McKinsey and Company.
In addition, Austock has also appointed Kevin Clarke as an independent non-executive director.
Clarke currently acts as chairman of four companies including AMP-controlled Focus Property Services and mining and construction specialist Jeminex.
Previously, Clarke was chief of Alesco Corporation.
Austock managing director Tim Boyle said the appointments would be the start of a new era for the company.
“This is a formidable new guard looking after Austock’s shareholders”, Boyle said.
In August, Austock recorded a net loss of $20.9 million for the 2008-09 financial year, following a $100,000 profit in the previous year.
The group’s annual report showed revenue fell by 43.3 per cent to $40 million from the $70.6 million generated in 2008.
