Embattled infant formula maker Bellamy’s has continued to rebuild its board and leadership, yesterday electing Hong Kong-based investor John Ho as its new chairman and appointing former Foster’s boss John Murphy as a director.
Mr Ho, an Australian citizen with business interests in China and Australia, was appointed as a Bellamy’s director in mid-April.
He replaces Rodd Peters, who was elected to the Bellamy’s board and subsequently took the chair after shareholders instigated a near clean-out of the board at an extraordinary general meeting in February and installed replacements. Bellamy’s chairman at the time, Rob Woolley, resigned just before the meeting.
Mr Ho is the founder and chief investment officer of Hong Kong-based investor Janchor Partners, which has a stake of 7.01 per cent in Bellamy’s. “Mr Ho’s deep understanding of the Australian and Chinese consumer and health-related markets and expertise in corporate governance has proved to be a valuable addition to the board,” Bellamy’s said in a statement on Thursday.
The company said Mr Ho had waived his entitlement to the chairman’s remuneration.
Veteran food and beverage industry executive Mr Murphy has been appointed to the board and will also take up the role of deputy chairman and chair of the audit and risk committee.
Mr Murphy is a former managing director of brewer Foster’s, a former managing director of Coca-Cola Amatil, and former chief executive of Visy Packaging and Recycling for Australasia.
Mr Peters will stay on the Bellamy’s board as a director.
Bellamy’s also said yesterday that director Patria Mann had resigned. Ms Mann was the only Bellamy’s director to survive the shareholder revolt in February.
Shares in Bellamy’s closed yesterday 15c, or 2.8 per cent, lower at $5.21.
Source: The Australian
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