Listed dealer group Snowball is one step closer to having an independent and non-executive board after two members of its board of directors resigned.
John Nunan and Quentin Jones have stepped down from the board in line with the company’s policy of establishing a non-executive board, save for the managing director.
Jones is a principal of Equity Partners, the original private equity investor in Snowball during its first acquisition and listing in 2001. Equity Partners has since reduced its holding in Snowball over time and, as a result of Snowball’s capital raising in December last year, is no longer a substantial shareholder.
Nunan will continue his role of chief investment officer of Snowball, despite resigning from the board.
The group stated that it has been “actively seeking independent directors for the board”.
These resignations follow the move of the longstanding director and executive of Snowball, Maxwell Campbell, to step down from the board in November last year.
