31 Mar 2009 - Santos
Santos Limited Chairman, Stephen Gerlach, announced today that he will retire from the Board and as Chairman of the Company on 31 December 2009. The Company’s Deputy Chairman, Mr Peter Coates, will assume the role of Chairman from that date.
Mr Gerlach said his retirement from the Board and Mr Coates’ appointment as Chairman are a continuation of the Company’s Board renewal process.
“By the time of my retirement, I will have been fortunate enough to have served as a Director of Santos for 20 years and acted as Chairman for eight years. While I remain passionate about Santos and excited by its future prospects, the time is right for a change.”
“Peter has a wealth of international corporate and commercial experience and will serve shareholders well as Chairman of the Company.”
Mr Coates has been a Director of Santos since 18 March 2008 and was appointed as Deputy Chairman on 10 December 2008. He is the former Chief Executive of Xstrata Coal (Xstrata Plc’s global coal business), the current Chairman of Minara Resources Limited and a Director of Downer EDI Limited. Mr Coates’ term as Chairman of Xstrata Australia will come to an end prior to his assuming the new role.
Another of the Board’s long standing Directors, Professor Judith Sloan, will also be retiring from the Board as part of the renewal process. After serving almost 14 years as a Director of the Company, Prof. Sloan has indicated that she will not be standing for re-election at the Company’s next Annual General Meeting.
In relation to Professor Sloan’s upcoming retirement, Mr Gerlach said, “Judith has at all times served the shareholders and the Company with distinction and has made a significant contribution to the work of the Board. She retires with our best wishes for the future.”
As part of the transition to these new Board arrangements, Mr Coates will increase his Board Committee responsibilities by joining the Nomination and Environment, Health, Safety and Sustainability Committees. Mr Coates assumed the Chairmanship of the Remuneration Committee on 11 July 2008.
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