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NUTRITIONAL GROWTH SOLUTIONS LTD — Board/Management Information 2024
Feb 13, 2024
65418_rns_2024-02-13_ec97f8ed-e424-48a9-b417-6517bcaa0528.pdf
Board/Management Information
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ASX Announcement | 14 February 2024
Managing Director Appointment
Nutritional Growth Solutions ( ASX:NGS ) (“ NGS ”, or the “ Company ”) a global nutrition company creating clinically proven products to support growth and development in children, is pleased to announce the immediate appointment of Mr. Stephen Turner as Managing Director of the Company. Mr. Turner joined NGS in 2021 and has served as Chief Executive Officer since 1 March 2023.
Stephen has over 20 years’ industry experience, having previously held senior roles with numerous multinational health and pharmaceutical companies including Vice-President of Sales at PharmaCare, and Vice-President of Sales and Marketing at the New York Stock Exchange listed Strides Pharma Science Ltd (NYSE:STAR).
NGS Chairman, Mr Dave Fenlon, commented : “Steve has a deep understanding of the business and the market within which NSG operates, and has played a pivotal role in executing NGS’s strategy. Steves appointment to the board is critical for the next phase of the Company’s development."
The key terms of Mr. Turner’s Managing Director appointment remain unchanged and are provided in Appendix 1.
-ENDS-
This announcement has been authorised for release by the Chairman and Managing Director.
For Further information Dave Fenlon Chloe Hayes [email protected] Investor and Media Relations [email protected]
About Nutritional Growth Solutions
Nutritional Growth Solutions is a global nutritional health company focused on the well-being of children. NGS develops, produces and sells clinically tested nutritional supplement formulae for children following 20 years of medical research into pediatric nutrition at Schneider Children’s Medical Centre, Israel’s largest pediatric hospital. The nutritional supplements market has experienced tremendous growth in recent years, but most attention has been focused on adult users and children under three years of age. The three to twelve-year-old consumers represent a larger market opportunity and NGS is highly differentiated from its competitors with clinically tested products and an expanding product portfolio to capture this market opportunity.
ngsolutions.co
Nutritional Growth Solutions Ltd. | ASX Code: NGS | ARBN: 642 861 774 | www.ngsolutions.co Israel: 3 Hanechoshet Street, Tel Aviv 6423806 | Australia (Registered Local Agent): C/- Level 5, 126 Phillip Street, Sydney NSW 2000 Legal/85590145_1
ASX Announcement | 14 February 2024
Appendix 1
SUMMARY OF THE KEY TERMS OF THE EXECUTIVE SERVICE AGREEMENT
| Term | Mr. Turner’s appointment may be terminated by either party without cause by givingno less than three months’ notice. |
|---|---|
| Remuneration | Mr. Turner will be paid a base salary of $287,500 per annum (“Base Salary”). Mr. Turner currently holds 750,000 options issued on July 2021 under the Company’s Employee Stock Option Plan, at an exercise price of A$0.175, vesting over 4 years. In addition, the Board may determine that Mr Turner is be entitled to participate in performance-based incentive plans subject to compliance with the ASX listing rules. |
Nutritional Growth Solutions Ltd. | ASX Code: NGS | ARBN: 642 861 774 | www.ngsolutions.co Israel: 3 Hanechoshet Street, Tel Aviv 6423806 | Australia (Registered Local Agent): C/- Level 5, 126 Phillip Street, Sydney NSW 2000
Legal/85590145_1