Catherine Brenner, the former chair of embattled financial services giant AMP, has agreed to step down from her role on the board of Coca-Cola Amatil (CCA).
Brenner will stay on as a director for the next 12 months, but won’t seek re-election at next year’s annual general meeting. Brenner has been a CCA director for 10 years.
Speaking at the company’s 2018 AGM this morning, CCA Chairman Ilana Atlas said Brenner’s experience would be important over the next 12 months as new directors join the board.
“With five of our directors relatively new to the company, Catherine’s continued role on the board over the next 12 months will allow for an orderly transition as we look to appoint a new director at or before next year’s AGM,” Atlas said.
“It is important for shareholders to know that the board has considered Catherine’s position on this board following her decision to step down from her position as Chairman of AMP.”
Brenner resigned from AMP on April 30, effective immediately, in the wake of its fee-for-no-service scandal and allegations that a report by law firm Clayton Utz had been altered to protect senior AMP executives.
“The board’s view is that Catherine remaining on the Coca-Cola Amatil board is in the interests of shareholders,” Atlas said.
“Catherine is our longest serving director. Her mergers and acquisitions experience has been valuable to the company in its many corporate actions over the past 10 years.”
Atlas said Coca-Cola will continue to assess the relevant skills and composition of the board over the next 12 months to determine a suitable candidate for Brenner’s replacement.