CEO Retirement Plans
November 21 2003 - 1:00AM
UK Regulatory
RNS Number:3328S
Ansell Limited
21 November 2003
NEWS RELEASE
Ansell Limited
A.B.N. 89 004 085 330
Level 3, 678 Victoria Street
Richmond, Victoria 3121, Australia
GPO Box 772H Melbourne
Victoria 3001, Australia
Telephone (+613) 9270 7270
Facsimile (+613) 9270 7300
www.ansell.com
21 November 2003
ANSELL ANNOUNCES RETIREMENT PLANS FOR CEO, HARRY BOON
The Directors of Ansell Limited today announced that Harry Boon would be
retiring as Managing Director and Chief Executive Officer of the Company on 30
June 2004, following the expiration of his current employment contract.
Mr Boon has been involved with the Ansell business for 27 years, and has been
based in the USA since 1997. Prior to taking up his appointment as CEO of Ansell
Limited two years ago, he held a number of senior positions within the Ansell
business, including 13 years as Managing Director when Ansell was a division of
Pacific Dunlop Limited.
The Chairman of Ansell, Dr Ed Tweddell, said: "Harry Boon has had a long and
illustrious career with the Company. Harry was instrumental in Ansell's
remarkable growth from some US$200 million in revenues in 1989 to its leading
global position in 2002, with approximately US$750 million in revenues. He has
successfully led the transformation of Ansell from a division of Pacific Dunlop
to its identity as an independent listed company and has overseen the
implementation of Operation Full Potential, a strong performance improvement,
and a significant upgrading and strengthening of the senior executive team."
Dr Tweddell went on to say: "The Board appreciates Harry's contribution in
developing and implementing the major restructuring plans for the Company over
the past two years, and recognizes Harry's experience and knowledge of the
industry to which he has devoted so many years. He leaves the Company well
positioned for future growth". Dr Tweddell also noted that the market value of
the Company had increased over the last two years by approximately 40%.
Mr Boon commented: "I am proud of our achievements to date and have great
confidence in the team that we have assembled to lead Ansell into the future.
With Operation Full Potential on track, Ansell has both a strong foundation and
a robust outlook, and I am comfortable with the decision to retire in June 2004.
I look forward to working with the Board to select a successor from a global
search that will include internal and external candidates".
Mr Boon's employment agreement provides for a termination payment at the
conclusion of his contract equivalent to 2 years of his total remuneration
package amounting in aggregate to approximately US$1,550,000, part of which is
in recognition of a non-compete arrangement. He will also receive his normal
accrued service and superannuation entitlements.
Having satisfied the applicable performance conditions for the 2002/3 financial
year, Mr Boon is entitled, as from 30 June 2004, to exercise 500,000 share
options granted to him in 2002 at a price of A$6.32 per share and, subject to
the achievement of performance conditions for the 2003/4 financial year, he may
also become entitled, as from 30 June 2005, to exercise a further 500,000
options at the same price. The grant of options to Mr Boon in accordance with
the terms of the Company's long-term incentive plan was approved by shareholders
at Ansell's 2002 annual general meeting.
About Ansell
Headquartered in Red Bank, New Jersey, Ansell Limited is a global leader in
healthcare barrier protective products. With operations in the Americas, Europe
and Asia, Ansell employs more than 12,000 people worldwide, and holds leading
positions in the natural latex and synthetic polymer glove and condom markets.
Ansell operates in three main business segments: Occupational Healthcare,
supplying hand protection solutions to the industrial market; Professional
Healthcare, supplying surgical and examination gloves to medical healthcare
professionals; and Consumer Healthcare, supplying sexual health products and
consumer hand protection. Information on Ansell and its products may be found at
www.ansell.com.
For further information:
Dr Ed Tweddell
Chairman, Ansell Limited
Tel: +61 3 9270 7270
Mobile: 0418 821 761
Fax: +61 3 9270 7300
This information is provided by RNS
The company news service from the London Stock Exchange
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