Austock appoints chair to its new board
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.
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