The chair of Endeavour Group, Peter Hearl, will step down along with board member Bruce Mathieson jnr, announced in a statement to the ASX. The moves come after a very public disagreement fuelled by discontent from the groups largest shareholder, Bruce Mathieson (senior), Bill Wavish and Roger Corbett, amid a falling share price.
Peter Margin and Arvi Mervis will come onto the board to fill the vacancies, Margin as a non-executive director and Mervis as the new chair.
On Ari Mervis’ nomination Peter Hearl said “Ari has deep experience across the consumer goods, food, beverages and agriculture sectors in Australia and internationally. He is currently serving as chairman of Myer and McPherson’s and was previously executive chairman of Accolade Wines. He was formally chief executive officer of Murray Gouldburn, and across a career of more than 25 ears with SAB Miller pc, Mr Mervis held senior leadership roles, including a decade as managing director of the Asia pacific region”.
The announcement described Peter Margin as “one of Australia’s most experienced corporate leaders, bringing a wealth of experience from the food, beverage and diary sectors to the Endeavour Group Board”.
That experience has come from being CEO of both Goodman Fielder and National Foods as well as leadership roles at Pacific Brands, East Asiatic Company, HJ Heinz and Simplot Australia.
“I’ve 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 Junior added “I am very proud to have worked and contributed to Australian Leisure and Hospitality Group (ALH) and Endeavour Group over the past 25 years, as both and executive and Board member. I am confident that Ari and Peter will be committed directors, and their skills and experience will contribute significantly to the Boar and our great company.”
