Leighton Makes Board Changes, Australia

Leighton Holdings Chairman Mr Bob Humphris OAM today announced the appointment of Russell Higgins AO, Mike Hutchinson and Vickki McFadden as Independent, Non-Executive Directors of the Company’s Board, effective immediately.

Mr Humphris said: “We are very pleased to welcome three exceptional leaders to the Board of Directors from a field of high quality candidates.”

“Mr Higgins will bring his experience both locally and internationally in the resources and energy sectors and in economic and fiscal policy. Mr Hutchinson, a qualified civil engineer, knows our industry well and brings experience as a senior official with the Australian Government in the Transport, Communications, and Finance portfolios. Ms McFadden will add expertise critical to our continued growth with her experience in corporate finance, law and other people-based industries.”

Mr Humphris said: “These appointments refresh the Board with new and varied talent and restore the Board’s independence, in line with the principles that have governed the relationship between Leighton and its major shareholder Hochtief for several decades. The Board now has five Independent, Non-Executive Directors, including the Chairman who holds a casting vote, as well as two Executive Directors drawn from management. The number of Non-Executive Directors appointed by Hochtief remains three.

“I would like to acknowledge the work of Paula Dwyer, Deputy Chairman, in leading a special committee of the Board to oversee this selection process.”

Chief Executive Officer Mr Hamish Tyrwhitt said: “Mr Higgins, Mr Hutchinson and Ms McFadden will provide strategic insight and support as we transform the Leighton Group, stabilising and reshaping our business. The executive leadership team, along with shareholders and the Company, will benefit from the breadth of capabilities and experience that are now represented on the Board.”

In addition to these appointments, the following Non-Executive Director changes are announced:

• ACS Director and Hochtief Supervisory Board member Mr Pedro López Jiménez will become Alternate Director for Mr Peter Sassenfeld. Mr Jiménez will also join the Tender Review and Risk Committee.
• The Alternate Director for Mr David Robinson, Mr Bob Seidler, will become Alternate Director for Mr Marcelino Fernández Verdes.
• Mr Fernández Verdes will step down from the Thiess Advisory Board and will be replaced by Mr Robinson.

With today’s announcement, the Leighton Holdings Board of Directors has 10 members. A further Independent, Non-Executive Director position is open. The Board elected not to fill the vacancy at this time in order to effectively manage the on-boarding process for the three Directors appointed today. Hochtief has also elected not to fill its vacant nominee Non-Executive Director seat at this time. Appointments may be made to both of these positions in future.