Drax Group PLC

Board/Management Information • Feb 21, 2019

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RNS Number : 6721Q

Drax Group PLC

21 February 2019

21 February 2019  

Drax Group plc

(Symbol: DRX)

NEDs assume new roles on Drax Board

Drax Group plc is today announcing changes to its Board of Directors which will be taking place during 2019 following determination at a Board meeting held on 20 February 2019. 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.

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 17 April 2019, following conclusion of the AGM. Accordingly, David will not be seeking re-election at the forthcoming AGM being held on 17 April 2019.

Vanessa Simms who joined the Board in June 2018 will assume the role as Chair of the Audit Committee from the conclusion of the AGM. Vanessa has worked in a number of senior finance roles for over 20 years, has recent and relevant financial experience and was appointed to the Board with the expectation she would assume the role of Chair of the Audit Committee. The induction programme for Vanessa was structured accordingly.

David Nussbaum, who joined the Board in August 2017, will assume the role of Senior Independent Director following conclusion of the AGM. David has considerable experience on the boards (including Chair) of a number of international organisations in the public and private sectors.

Tony Thorne, who joined the Board in June 2010 and chairs the Remuneration Committee will be standing down from the Board on 28 June 2019, having served nine years. Tony will be seeking approval of shareholders for re-election at the forthcoming AGM through to 28 June 2019.

Nicola Hodson who joined the Board in January 2018 will assume the role of Chair of the Remuneration Committee on conclusion of 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.

Tim Cobbold who joined the Board in September 2010 will be standing down from the Board in September 2019 having served nine years. Tim will be seeking approval of shareholders for re-election at the forthcoming AGM through to 27 September 2019.

A search is in process for an additional non-executive director which is being supported by an external search consultant.

Philip Cox, Chair 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."

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