Selby, North Yorkshire-based power company Drax Group plc on Thursday announced that big changes will be taking place during 2019 on its board of directors.
“The changes are the culmination of co-ordinated succession planning, which the board has been implementing over the past year, mindful of good governance and the importance of ensuring that the company’s board composition is kept under regular review and refreshed to reflect period of tenure, balance and diversity,” said Drax.
David Lindsell, who joined the board in 2008 and is senior independent director and chair of the audit committee, is to stand down from the board on April 17 following the firm’s AGM.
Vanessa Simms, who joined the board in June 2018, will assume the role as chair of the audit committee.
David Nussbaum, who joined the board in August 2017, will assume the role of senior independent director following the AGM.
Tony Thorne, who joined the board in June 2010 and chairs the remuneration committee, will be standing down from the board on June 28, 2019, having served nine years.
Nicola Hodson, who joined the board in January 2018, will assume the role of chair of the remuneration committee after the AGM.
“Nicola, who is currently Vice-President, Global Sales and Marketing, Field Transformation at Microsoft has worked closely with Tony as well as advisors, in order to ensure a smooth transition to the role as Chair of the Remuneration Committee,” said Drax.
Tim Cobbold, who joined the board in September 2010, will be standing down from the board in September 2019 having served nine years.
A search is in process for an additional non-executive director.
Drax chair Philip Cox said: “I should like to thank David Lindsell, Tony Thorne and Tim Cobbold for their outstanding contributions to the Drax Board.
“They have provided invaluable challenge and guidance through a period of very significant change for the Drax Group.
“I look forward to working closely with Vanessa Simms, Nicola Hodson, and David Nussbaum who bring strong and proven talents and experience to the Drax Board.”