BAPCOR ISSUES CEO AND MD SUCCESSION UPDATE
Noel Meehan appointed as Acting CEO as Darryl Abotomey’s retirement brought forward
BAPCOR Limited announced on 23 November 2021 that its Chief Executive Officer and Managing Director, Darryl Abotomey, would retire on 28 February 2021 – a date which was mutually agreed by the Board and Darryl.
The Board of BAPCOR Limited notes that it was communicated at that time and reiterated by Darryl in the Company’s ASX announcement, that the Board and Darryl mutually agreed that it was the right time in the Company’s journey for Darryl to retire and for BAPCOR to transition to a new leader to guide the Company through the next phase of its growth.
This decision was taken with a view that a new leadership and management approach would be in the long-term interests of all stakeholders.
The Board notes that this decision formed part of an orderly succession planning process initiated over a year ago, with an executive search firm engaged, and followed extensive discussions between the Board and Darryl.
At all times, the Board states it has remained united that a change in leadership is in the best long-term interests of all stakeholders.
In a statement issued on 6 December 2021, BAPCOR Limited notes that since the joint announcement of Darryl’s retirement, there has been a marked deterioration in the relationship between the Board and the Chief Executive Officer, such that it feels Darryl’s position as Managing Director and Chief Executive Officer had become untenable.
By unanimous decision, the Non-Executive Directors and Chair of the Board took steps to exercise BAPCOR’s rights and elected to bring forward his retirement end date as Chief Executive Officer and Director of BAPCOR immediately, with Darryl to be paid in lieu of his notice period.
The Board notes that the global search process for a permanent CEO has been underway for some time and is well-progressed.
It says the leadership transition presents an opportunity for BAPCOR to install a more contemporary leadership and management approach to drive the Company’s growth while also ensuring it is consistent with changing stakeholders’ expectations. An appropriate governance and oversight framework remains in place.
Whilst it was originally envisaged that BAPCOR Non-Executive Director Mark Powell would step in as Acting Chief Executive Officer at the end of February, given the early announcement, Mark was not immediately available.
Therefore, the Board appointed Noel Meehan, BAPCOR’s Chief Financial Officer as Acting Chief Executive Officer, effective immediately, while BAPCOR Chair Margie Haseltine stepped into the role of Executive Chair.
Noel joined BAPCOR as Chief Financial Officer on 1 July 2020 and has played an important role in executing the company’s financial and strategic objectives, including BAPCOR’s record FY21 Results.
Prior to BAPCOR, he was the Chief Financial Officer at Toll Group and has had previous roles as Chief Financial Officer at Treasury Wines Estate Limited and Executive Director of Finance at Orica Limited.
He is a Fellow of the Australian Society of Certified Practising Accountants and a Member of the Australian Institute of Company Directors.
“Noel brings significant financial, strategic operational strengths to the role. He has an in-depth understanding of the business, our future growth strategy and the needs of our team members, and we are grateful that he can step in and ensure a seamless transition,” BAPCOR Chair, Margie Haseltine, said.
“We are disappointed to be taking this step earlier than anticipated and thank Mr Abotomey again for his contribution to the growth of BAPCOR since its IPO.”
“My focus is on maintaining our strong financial position, driving our performance, executing on our existing strategic objectives and supporting the team to ensure we deliver the customer experience that we are known for,” Noel said.
BAPCOR reaffirms the outlook commentary provided at the 2021 AGM and states it remains united and committed to serving the best interests of BAPCOR and all its shareholders and stakeholders.
For more from BAPCOR, visit www.bapcor.com.au