DOW 0.97% $5.11 downer edi limited

new chairman

  1. 635 Posts.
    Chart readers have a good look at this stock as it head for new higher levels.

    Consensus: Strong Buy

    Also positive rating from UBS y'day.

    HOMEX - Sydney
    Downer EDI Limited (Downer EDI) announced today that Mr Barry
    O'Callaghan AO (previously Deputy Chairman) has been elected Chairman
    of the Board of Directors, at a board meeting held 4 June 2003. Mr
    O'Callaghan succeeds Mr Tom Lau, who has taken the role of Deputy
    Chairman of the Board, effective the same date.

    While Mr O'Callaghan is not strictly independent (he retired 12
    months ago as a partner of the law firm Corrs Chambers Westgarth
    which provides legal services to Downer EDI short of the three
    years suggested in the ASX guidelines) the board believes this is a
    technical issue and moves the company much closer to corporate
    governance best practise in replacing Mr Lau who represents the
    company's major shareholder.

    Mr O'Callaghan paid tribute to the valued service of Mr Lau as
    Chairman since 1998, and welcomed his continuing contribution as
    Deputy Chairman and a representative of Downer EDI's major
    shareholder Paul Y. - ITC.


    Aged 66, Barry O'Callaghan AO has been a non-executive director and
    was the deputy chairman of Downer EDI since he joined the Board in
    1998. He is a barrister and solicitor, a consultant to the national
    law firm Corrs Chambers Westgarth, a Partner from 1960-2002, Chairman
    of Partners of the Melbourne office form 1993-1999 and was Manager of
    the Property and Development Division from 1965 1992. Mr
    O'Callaghan serves as Chairman of Mercy Health and Aged Care Inc and
    is a non-executive director of the Selpam Group and Monterey
    Investments. He was formerly a non-executive director of the Linfox
    Group, Hudson Conway Limited, the Royal Melbourne Institute of
    Technology Graduate School of Business and the Committee for
    Melbourne. He was also Chairman of Xavier College Council.
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