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The renewal of Endeavour Group Ltd’s board continues, with the company planning for an orderly succession of the chairman role.
Endeavour will welcome Peter Margin and Ari Mervis as new independent non-executive directors to fill casual vacancies on the board, subject to probity and the receipt of regulatory approvals.
Mervis is to succeed Peter Hearl as chairman, with Hearl to oversee the new director appointments before retiring from the board. Mervis is expected to take the chair by the end of April 2024.
Hearl led the company through its formative period after the successful demerger from Woolworths Group as the company established its strategy and governance structures while operating through the latter stages of the COVID-19 pandemic.
“Ari has deep experience across the consumer goods, food, beverages and agriculture sectors in Australia and internationally," Hearl said.
"He is currently serving as chairman of Myer and McPherson’s and was previously executive chairman of Accolade Wines. He was formerly chief executive officer of Murray Goulburn, and across a career of more than 25 years with SABMiller (LSE:LON:SAB) plc, held senior leadership roles, including a decade as managing director of the Asia Pacific region,” Hearl said.
BMG’s seat at the table
Bruce Mathieson Junior will also step down from the board, following a long and successful executive career in a number of roles within Endeavour Group’s hotels business ALH. Mathieson’s resignation will take effect on June 30, 2024, or on an earlier date agreed between him and the board.
The board intends to extend a seat to a suitable representative of Bruce Mathieson Group (BMG) based on BMG maintaining a shareholding in line with current levels.
Margin call and more
Margin brings a wealth of experience from the food, beverage and dairy sectors to the Endeavour Group board.
During a three-decade executive career, he was CEO of Goodman Fielder and National Foods and served in senior management roles with Pacific Brands, East Asiatic Company, HJ Heinz Company Australia and Simplot Australia.
Margin is a non-executive director of Costa Group, deputy chairman of Bega Cheese and chairman of Golf Australia. Previously, he was executive chairman of Asahi Holdings Australia and a director of Nufarm, Pact Group Holdings, Ricegrowers and Huon Aquaculture Group.
“We welcome Ari and Peter to the Endeavour Group. Our focus on a deliberate and comprehensive process for board renewal has secured experienced and respected company directors," Hearl said
"Ari and Peter’s nomination completes the first phase of our board renewal process and future director appointments will be overseen by the new chairman-elect.
“I have been honoured to serve as Endeavour’s inaugural chairman, a business that proudly serves customers and communities right across Australia,” said Hearl.
“As Endeavour moves into its next phase post demerger and in line with orderly board succession and renewal planning, the board and I firmly believe now is the right time to commence a transition to a new chairman.
"Under our phased approach, we can deliver stability and a smooth transition, allowing Endeavour management to remain focused on continuing to strengthen the business. I acknowledge Bruce Junior’s contribution to the business and thank him for his commitment.
Mathieson added: “The board’s renewal sets up the Endeavour Group for strong and stable leadership to support management in driving returns for shareholders.”