Austal founder John Rothwell to step down as chair
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The news: Takeover target Austal has announced founder John Rothwell will step down as chair and will be replaced by ex-US Navy official Richard Spencer.
The numbers: Rothwell will step down as chair on 1 July after 37 years in the role. He will remain on the board as a non-executive director and is also one of Austal’s biggest shareholders with a 9% stake.
The context: The change of guard comes amid a long-drawn takeover tussle after the Australian shipbuilder rejected a $1 billion bid by South Korean shipbuilding giant Hanwha.
Spencer is a former US Secretary of the Navy, has served as an adviser to the Pentagon and has also worked at several investment banks including Goldman Sachs and Bear Stearns.
The Perth-based Austal, which was founded in 1987, designs and builds defence vessels for the Australian and US navies and was last year appointed the federal government’s strategic partner for vessels to be constructed in Western Australia.
The source: ASX announcement
