Three of the eight members of the board of directors of troubled law firm Slater and Gordon are departing.
From today, Erica Lane and Ian Court retire as non-executive directors and Ken Fowlie is stepping down as an executive director to devote his full attention to his role as CEO of the UK business.
Slater and Gordon announced one replacement.
Tom Brown, a human resources executive, is joining the board as a non-executive director and chair of the remuneration committee from Thursday this week.
He has held senior executive positions in global listed companies including Mobil, BHP Billiton, Allied Domecq, Brambles and Rolls Royce.
The company said: “Slater and Gordon remains in compliance with its corporate governance obligations following these changes and the Company continues its process to supplement the Board with an additional non-executive director.”
The company will this week post a full year loss of more than $1 billion because of a worse than expected financial performance from the UK business.
Slater and Gordon lost $2 billion in market capitalisation in 2015 and hundreds of millions since the British’s government announcement in November that it planned to limit compensation for road accidents.