Sanford Securitieshas appointed two topIWLstaffers to its board of directors following the success of IWL’s pursuit for a majority stake in the broking group.
The new directors on the Sanford board are IWL chief financial officer and chief operating officer Luke Littlefield and IWL executive general manager of technical infrastructure and services Phil Moore.
The appointments, which were nominated today and are effective immediately, come after IWL indicated last week that as part of taking a majority stake in the group it would push for greater board representation.
IWL’s success in gaining a majority stake became clear when its holding rose to almost 60 per cent last week when the National Australia Bank (NAB) and a founding shareholder accepted IWL’s offer.
This resulted in the Sanford board’s recommendation that shareholders take up the IWL offer after discussions with other groups had failed to yield results and IWL’s majority stake made other offers unlikely to be successful.
Littlefield, who has held his position at IWL since May of 2001, has more than ten years’ experience in accounting and finance, while Phil Moore has over 30 years’ experience in information technology.
The final extended deadline for shareholders to accept the IWL offer will expire on Thursday of this week.
