Green walks away from B&B board

The transition from top job to director only has proved too difficult for Babcock & Brown’s Phil Green, with the former chief executive and managing director of the company now walking away from all involvement in the company.

Green has decided to step down from his role as director of the company, with B&B chairman Elizabeth Nosworthy commenting on his decision.

“After stepping down as [chief executive] and managing director of the company, Phil has decided that the transition from chief executive and managing director to a director role was a difficult move for him to make and not in the best interests of the company from a corporate governance perspective or his own personal position. He has therefore chosen to resign from the board,” Nosworthy said.

Green’s decision also relates to his roles as director of the boards of B&B Infrastructure, B&B Capital, B&B Japan Property Management, B&B Investor Services and B&B Infrastructure EPS.

Nosworthy said B&B’s board and senior management were now focusing on the strategic review and other initiatives announced last month, saying that Green would be “available to assist with this process if required”.

The group said it has now commenced its search for new independent directors.

The group’s shares have lost more than 15 per cent in trading today, sitting at $1.60 at the time of publishing, from a high this morning of $1.72.

Meanwhile, B&B Communities director Andrew Schwartz has stepped down from his role as B&B Australia regional head of real estate. Schwartz will also now step down as a director of B&B Communities.