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Carnarvon Energy Ltd (ASX:CVN) has continued its board renewal process with the appointment of equity capital markets expert Robert Black as a non-executive director, effective April 2, 2024.
Black was previously managing director of diversified financial services company Euroz Hartleys, formerly Euroz Securities, and brings a deep understanding of Australian securities markets, with three decades of experience in stockbroking and equity capital markets (ECM).
During his tenure as managing director of Euroz Hartleys, Black oversaw significant growth of the business, with the acquisition of Blackswan Equities in 2014, Entrust Private Wealth Management in 2015 and the merger with Hartleys Limited in 2020.
“A valuable addition”
He was instrumental in supporting and driving the growth strategy of Euroz and advised on, and led, numerous transactions raising significant capital for Euroz’s clients.
Carnarvon said his skills and experience would be a valuable addition to the board and further strengthen the company’s ECM reach.
“The board is extremely pleased to appoint a director of Rob’s stature," Carnarvon chair Bill Foster said.
"Rob’s background and expertise will be invaluable in driving the company’s refined strategic priorities, and I, and the rest of the board, look forward to working with him.”
Previous experience
In 2014 Black was appointed managing director of Euroz, having previously run the Institutional Sales Desk where he was responsible for servicing domestic and international institutions. In 2017 he was appointed to the board of the listed parent company, Euroz Limited.
In March 2022 Black relinquished his role as managing director of Euroz following his appointment as head of ECM syndication. He subsequently retired from Euroz in May 2023 after 21 years.
Black holds a Bachelor of Business (majors in Finance and Accounting) and is a Graduate of the Australian Institute of Company Directors.
Gavin Ryan to step down
Consequent to the appointment of Black, Carnarvon confirms that Gavin Ryan will step down from the board, with the timing of his resignation to occur immediately after the appointment of Black.
"I thank Gavin for his significant contribution to the board over the past six years. Gavin’s depth of industry experience, and acute understanding of Carnarvon’s business, have been instrumental in guiding the company to where it is today,” Foster said.
Chair transition
Effective July 1, 2024, Rob Black will assume the role of chair from Carnarvon’s current chair Bill Foster, who will remain on the board as a non-executive director until such time as a suitably qualified director is appointed to replace him.
It is the intention of the board that the recruitment process for a further new director, which is being undertaken by executive search firm Derwent, will be completed around the middle of this year.
The board has agreed that, should a new director be appointed before August 31, 2024, Foster will continue to provide services to the board until this date.
"The transition of the chair role has been planned for some time, and I know Rob will do an outstanding job as chair once handover is complete,” Foster said.
"Whilst I am saddened that my time with Carnarvon is drawing to a close, I am confident the continuing search process being undertaken by Derwent will result in the appointment of another, high-calibre, director to take my place on the board.
"The board remains resolutely focused on advancing the Dorado development, preserving existing balance sheet strength and pursuing every opportunity to realise value for shareholders.
"I hope to update shareholders on further corporate activities in the near future.”