Opus International Consultants’ (Opus) chairman, Basil Logan, announced today he would be stepping down as chairman and director on the 31 August 2008. It is intended Mr Logan be succeeded as Chairman by Kerry McDonald, who was elected Deputy Chairman in August 2007.
Mr Logan said he had announced his decision today as it was important that Opus shareholders understood that, if he was reappointed at the company’s annual general meeting (AGM) in April, he would be standing for a limited time. Mr Logan is seeking re-election at the AGM as he is retiring by rotation.
“The timing was very important to me. I wanted to ensure that the listing process was successfully bedded down, and the company is on track to achieve its prospectus forecast for 2007 and 2008. I am confident that will be the case in August when the interim results to June 2008, and the outlook for the full 2008 year, will be released.
“My decision to stand down at the end of August is consistent with the succession plan I proposed at the time of the decision to publicly list Opus. I believe it is vital companies have succession plans, and this transition process is a clear demonstration of the strategy we have at Opus. We have a very strong board. It was strengthened deliberately in April 2007 with the appointment of two new independent directors and one non executive director, and further in August with Kerry’s election as Deputy Chairman.
“The company is in a strong position to grow further and we have a proven governance strategy that is delivering well for the company.
“If shareholders agree to my reappointment at the AGM, it is anticipated that a replacement independent director would be appointed prior to my finishing date. Shareholder confirmation of that appointment will be sought at the 2009 AGM.
Kerry McDonald's wealth of international business experience makes him an excellent choice for chairman. His involvement on the Board has already demonstrated the value he brings to the company. ” he said.
Mr Logan has been the chairman of Opus’ board since 1991. His involvement with the company has covered its transition from the former Ministry of Works to a State Owned Enterprise, its sale to private owners in 1996, the company’s subsequent global expansion to its current world-class status, and overseeing its recent listing process which resulted in staff and public ownership.
Opus’ AGM is being held on Wednesday 16 April at 11am at the Hotel Intercontinental in Wellington.