Austal shares slide as founder, inaugural chair retires
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More news: Shares in Austal have fallen after the shipbuilder announced that founder and inaugural chair John Rothwell retired from his role as non-executive director on 1 September, although he will remain available to the company in a consultancy capacity.
At 1:42pm AEST, shares in Austal had slipped 2.6% to $7.57.
Austal founder and inaugural chair John Rothwell retires
The news: Ship builder Austal has announced the retirement of its founder and inaugural chair John Rothwell after 38 years at the company.
The context: Rothwell will retire from his current position of non-executive director today. Last year Rothwell said he would remain on the board following a transition period with new chair Richard Spencer.
Austal confirmed that Rothwell will remain available to the company and board on a consultancy basis.
What they said: "The transition has been as seamless as I could have hoped for, the company has just announced a great set of financial results, and Austal is in fantastic shape for its next phase of growth, particularly with the recent signing of the Strategic Shipbuilding Agreement," said Rothwell.
"So, I can't think of a better time to finish my tenure on the board and make my own transition to watching Austal's continued evolution and growth from outside the boardroom."
Spencer commented: "John has left an indelible mark on Austal and, frankly, it is difficult to overstate what he has done for shipbuilding in Australia, particularly Western Australia".
The source: ASX
