In a statement via the ASX, IMF Bentham said it has commenced a “board renewal plan” to transform it into a more independent board “consistent with the company’s growth”.
“All members of the board have recognised the advantages likely to accrue from this renewal and have agreed to retire from their various positions upon the request of the board,” a statement from IMF Bentham said.
“Hugh McLernon, an inaugural director and managing director for ten years, has today stepped down from his position in favour of Andrew Saker who has now been appointed as the chief executive officer of the company and its managing director.”
IMF Bentham added that Mr McLernon will remain an employee of the company and will retire from his directorship at the next annual general meeting where he will likely offer himself for re-election as a director.
The litigation funder also said John Walker, an inaugural director and managing director of three years, has announced his retirement as an executive director and from employment with the company.
“In the meantime he will remain as chief executive (Europe) and managing director of Bentham Europe Limited,” the statement said.
“[Also] Clive Bowman, who has been an executive director since February 2011, today retired from the board.”
“Bowman will remain with the company as its chief executive (Australia and Asia),” it said.
IMF Bentham further said Rob Ferguson, who has been chairman of the board since December 2004, has decided that will he retire as a director with immediate effect.
“Mr Ferguson expedited his retirement in response to the board’s decision to support Mr McLernon’s continuing role as an executive director,” the statement said.
“Michael Bowen has been appointed as the interim chairman pending the appointment [of] a [replacement],” it said.
